My next few Blogs are intended to help people realize that your Insurance policy may not cover all your needs, unless it is written correctly. It is very important to meet with an Insurance professional to be sure that your policy will meet your needs. My example this week is very important if you are a Realtor or if you have any type of business or office in your home. Most Homeowner policies are NOT designed to cover these exposures. Your Homeowners policy only provides a limited amount of coverage for business equipment. You also are not covered for any liability related to your home business, such as food poisoning resulting from your catering or a broken ankle suffered by a student who tripped while leaving a piano lesson. If you run a business from home or have expensive office equipment, you may need additional coverage. These types of exposures can usually be covered on your Homeowners policy BUT they have to be added as an endorsement. An endorsement is a special provision added to an insurance policy to enhance or restrict its coverage. In this case, if a Home Office endorsement was added to a Homeowners policy it would cover most losses. In many cases this coverage can be added for less then $25 a year. Imagine finding out you are not covered for this after being sued for thousands of dollars. Imagine you could have been covered if you had a properly written insurance policy. It is VERY important to have an agent who asks the right questions. Unfortunately many clients buy policies based on the cheapest price rather than one that would cover them correctly. Sometimes the cheapest price is not the best policy. I am well aware that the economy is tough and money is tight BUT the purpose of you insurance policy should be to cover you if you have a loss. The next time you buy an Insurance policy please think about your needs and find an agent who will ask the right questions.
If I can ever be of assistance to you or your family please give me a call !!