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Posts Tagged ‘ home insurance ’

What Kind of Insurance Do I Need for My Home-Based Business?

Monday, July 6th, 2020

If you’re reading this post, chances are you already own a home-based business or you’re planning on starting one. One of the bases that must be covered is ensuring you have the right insurance in place for your home-based business. 

Keep reading if you’d like to learn more about what kind of coverage is right for you. 

Insurance for Home Businesses

Homeowners often think their regular home insurance will cover any work-related activities within the home. But that’s simply not the case!

The right type of coverage can be different depending on the type of business you run and the scale of your operations. That’s why it’s important to speak to an insurance professional in your area to get the information you need. 

Why Coverage is Important

Depending on the type of business you own, you could face any number of risks each day. Whether they’re financial, cyber, physical, or liability risks, you need to have the right coverage set up for whatever could happen.

For example, let’s say an employee is working at your home when they’re injured. Will your home insurance liability coverage be applicable? The answer is usually no! So, without special insurance for situations like these, you could be left paying thousands or even hundreds of thousands of dollars out of your own pocket. 

Coverage Options

An in-home business policy might provide enough coverage for you if you have a small business. It can typically cover injury and theft for up to 3 employees and up to $10,000 in losses in many cases.

These policies tend to be very affordable and they do offer some liability protection, but it’s often not enough. For example, they almost never include errors and omissions insurance to prevent you from certain third-party claims. But there are usually options for adding this coverage on separately which is something to consider. 

For bigger operations, a business owners policy (BOP) is a great choice. They offer more comprehensive coverage for businesses who need more than $10,000 in coverage. 

Some of the coverage these policies can include are:

  • Loss or damage to business assets, documents, and equipment
  • Professional liability coverage
  • Liability for employee/contractor or customer injuries
  • Loss of income or business interruption insurance

In some cases, these policies can also include some commercial vehicle coverage, but not always. It’s critical to make sure you have that protection added on if you use vehicles for any of your business operations. 

We can help with business insurance and more!

Whether your business insurance needs are big or small, we’re here to help. We’re also here for all of your auto, home, and farm insurance needs as well. Contact Fargo Moorhead Insurance today for a free quote!

What’s the Difference Between Renters Insurance and Home Insurance?

Monday, February 10th, 2020

If you rent a home, do you need renters insurance and homeowners insurance or just one or the other? What’s the difference between these coverages? 

These are just a few of the questions we’re regularly asked about renters insurance and homeowners insurance. In today’s post, we intend to give you answers to these questions and many more on the topic! 

Renters Insurance vs. Homeowners Insurance: What’s the Difference?

The easiest way to understand the difference between renters insurance and homeowners insurance is to look at their names and take them quite literally: renters insurance is for those who rent their homes, while homeowners is insurance for the homeowner.

Renters insurance offers coverage for the personal belongings inside of the rented home, rather than for the physical structure of the home. Why? Well, whoever owns the property is the one responsible for insuring its structure. 

When to buy renters insurance

If you rent a home and you have personal property, renters insurance is likely a good choice. In the event your property is stolen or damaged, your insurance could cover the cost of repairing, replacing, or reimbursing you for the insured property. When you rent a property, many landlords will require the renter to purchase this coverage before they’ll sign the agreement. 

When to buy home insurance

While a regular home insurance policy will include personal property coverage, homeowners insurance includes other forms of coverage a renters insurance policy does not have.

If you get a mortgage for your home, the lender will often require that you have home insurance in place. If you don’t use a mortgage to purchase your home, home insurance is generally considered optional, although strongly encouraged. Without home insurance, you’d be responsible for replacing or repairing stolen or damaged personal property, covering the cost of repairing or replacing the structure of your own home, and many other things home insurance covers.

As you can see, home insurance and renters insurance are different types of coverage, but the coverage they both offer is critical nonetheless!

How to Determine Your Home’s Water Damage Risk Before It’s Too Late

Tuesday, June 4th, 2019

Have you ever dealt with water damage in your home? If so, you know it can happen in a matter of seconds and it doesn’t take long to cause incredible damage.

Here are a few ways to help determine your home’s water damage risk so you can address any potential red flags before it’s too late!

The Age of Your Plumbing

If the plumbing in your home is old, there’s a better chance of pipes rusting, breaking, or causing other problems. This is one reason older homes have a greater risk of water damage.

New homes aren’t immune to water damage from plumbing either, but they’re often covered by warranties from the builder.

The Buildup of Snow and Ice on Your Roof

When a significant amount of snow or ice accumulates on your roof, it greatly increases your risk of water damage. The snow and ice can melt and back up into your home. Often, the damage will be hidden in the attic and homeowners won’t realize it’s happening until the damage is catastrophic.

If your roof has more than two feet of snow or more than two inches of ice, hire a snow removal company to clear your roof, because doing so on your own poses safety risks.

The Condition of Your Basement

Basements are notorious for flooding issues, so there are things you should be on the lookout for so this doesn’t happen to you.

  • The slope of the ground
  • Ineffective drains
  • Improperly sealed basement windows
  • Cracks in the foundation

Your Proximity to Water

Living near a body of water might never cause you any problems, but all too often, these bodies can overflow and result in flooding of the land and property around them.

If you live in close proximity to water, be sure to speak to your insurance company about your options for financially protecting yourself. You can also consult with experts for advice in protecting your home from water damage.

If you have questions about insuring your home for water damage, get in touch with Fargo Moorhead Insurance today!