In-Home
Business Coverage
According
to a study by the Independent Insurance Agents of America
(IIAA), at least 60% of in-home businesses are not
properly insured. In addition, 44% of home-based business
owners didn’t purchase the additional coverage
because they believed they were covered elsewhere.
If
you operate a business from your home on a full-time
or part-time basis, your homeowners policy excludes
legal liability for business activities and provides
minimal coverage for business personal property (usually
limited to $2,500 on the residence premises and $250
off the residence premises).
Some
homeowners carriers offer an endorsement that can be
added to your homeowners policy to provide coverage
for your in-home business. A separate In-Home Business
policy is also available. Please contact our office
for more details or to obtain a quotation for this
valuable coverage.
Personal
Articles Coverage
Your
homeowners policy provides limited coverage for certain
classes of personal property (i.e. jewelry, furs, antiques/fine
arts and silverware, to name a few). If you have individual
items or collections that exceed these limits, you
may not be adequately covered.
A
Personal Articles Floater (sometimes called a Valuable
Items Policy) can be used to cover these special items.
This policy can also be used to cover valuable collections
such as comic books, coins or stamps. Please contact
our office for more information or to obtain a quote.
(Umbrella)
Excess Liability Coverage
Sometimes
the liability limits on your homeowners or auto policy
may not be sufficient to protect you in the event
of a loss. Also, there may be liability coverage
gaps for exposures not covered under your homeowners
or auto policies. An umbrella policy can provide
the additional coverage needed to protect you and
your family.
It
used to be that the only people who needed umbrella
policies were wealthy individuals with significant
personal assets that would be at risk in a lawsuit.
Those days are gone. In our litigious society, people
are recognizing the need for additional liability coverage
above their homeowners and auto insurance policy limits.
Policies are typically issued in $1 million, $2 million
or $5 million dollar limits (higher limits are available).
Flood
Insurance
Your
homeowners policy does not provide coverage in the
event of a flood*. It is a specifically excluded peril.
Don’t be fooled into thinking that just because
you don’t own beachfront property, you’re
not at risk. Each year, 35% of all paid flood claims
are for properties located outside of high-risk areas.
Flood policies (in California) are available for roughly
$300 per year, depending on your location and level
of coverage.
Don’t wait until the last minute to purchase coverage!
There is a standard 30-day waiting period, from the
date of application, for coverage to be effective.
Please contact our office for more information or to obtain a quote.
*
A flood is defined as an overflow of inland or tidal
waters; the unusual accumulation and runoff of surface
waters from any source; inundation from mud flows
caused by accumulations of water on or under ground;
or abnormal, flood-related erosion and undermining
of shorelines.
Watercraft
Insurance
Many
homeowners policies offer very limited or no coverage
for physical damage to or liability claims arising
from use of a pleasure boat. If you have made the investment
to own and operate a boat, you’ll want to make
sure that your investment is well protected. Following
are some of the coverages available:
- Liability
- Physical
Damage
- Uninsured
Boat Coverage
- Medical
Payments
- Towing
and Assistance
Policies
are available for small boats (under 26’) or yachts
(26’ and over) as well as jet skis, sailboats,
houseboats and cabin cruisers. Please contact our office
for more information or to obtain a quote
