Driving Less?

• You should consider buying low-mileage car insurance.
• Many companies offer special low-mileage discounts for having a short commute or for low annual mileage. A short commute may be defined differently among companies.
• Even though your driving record and credit history are the most important factors that insurers use to determine your rates, commute length is also factored in.

Home Renovation

• Due to stay-at-home orders, many Americans completed home improvement projects, which could increase the value of your home.
• Your homeowners insurance covers the cost to rebuild your home if disaster strikes, like a tornado or fire. And while a home renovation project is a good way to increase the value of a home, it could also increase the cost to rebuild if there’s damage.
• Generally, a standard homeowners insurance policy excludes losses for homes that are vacant for more than 60 consecutive days. That means you will not be covered if vandals break in and wreck the place while it’s vacant.

How To Add More Coverage for your business

There are three ways to provide more property and liability insurance for your in-home business. The right choice will depend on the nature of your business, its annual receipts and the amount of coverage you need. They are:

• Endorsement to Your Homeowners Policy - Your homeowners insurer may offer an endorsement to your homeowners policy that adds additional property coverage and some limited liability coverage. For less than $20 a year, you may be able to double your standard policy limits for business equipment from $2,500 to $5,000. This option is usually limited to businesses that have less than a set amount of annual receipts, usually around $5,000.
• In-Home Business Insurance Policy - Some insurers offer specific in-home business insurance policies with some of the same features as larger commercial policies but with lower policy limits and at a lower premium. With this coverage, generally at a price of less than $300 a year, you can insure your business property for $10,000. The policy includes general liability coverage with the limit you choose, between $300,000 and $1 million.
• Should you have to shut down your business because of damage to your house, the in-home policy will cover the income the business loses and ongoing expenses, such as payroll, for up to one year. The policy also provides limited coverage for loss of valuable documents, accounts receivable, offsite business property and use of equipment.
• Business Owners Policy (BOP) - Many insurers offer small business owners policies combining a wide variety of coverages in a single policy. You may want to talk to your insurance agent about whether the broader property and liability coverages you would get with a Business Owners Policy (BOP) are recommended for your business.

New Job?

Your insurance benefits may have changed. Make sure you understand the difference in your new plan. A new job may cause you to drive more or less which could impact rates. Look into the insurance benefits provided by your new employer before taking out new policies.

Starting a Business

Here are some things to consider when starting your own business:

If you have business products or supplies and you lose your house - your homeowners policy won’t cover it.

To know what coverage is right for you, whether you are just looking at different BOP (Business Owners Policy) coverage or other plans altogether, you need to know your biggest risks. If your business is one that operates mainly online, then you will likely need coverage that covers online activities like cyberattacks. But if you sell physical products, you will probably want to focus more on products liability.

If your business has employees, then you definitely need coverage for them. Workers’ compensation requirements vary by state, but you may be forced to have this type of coverage for your employees. And even if it’s not a legal requirement, it may be a good idea depending on the type of work.

Use Technology to get a Homeowners Insurance Discount

These types of upgrades could land you a discount, depending on your insurance company. Here are some common types of homeowners insurance discounts. Safeguard the home against fires by installing smoke detectors on every floor, home sprinkler systems and fire alarms. Safeguard your home against theft by installing a burglar alarm and deadbolts on all exterior doors. Upgrade your roof with impact-resistant roofing shingles to minimize damage from hail, high winds and flying debris. Install storm shutters and impact-resistant glass on exterior windows.

Working from Home?

• Start to sort business equipment from your personal electronics.Typically, headsets, desktops, and screens that are owned by your company would not fall under your homeowners' insurance - even if you ’re working remotely. However, if you ’re doing work on a personal computer for business use and have a theft or loss, there may be limits on personal property coverage.
• The home office coverage limit may not cover the range of equipment you’re bringing home from your employer. If you’re going remote, understand what items your company owns and what is personal use being used for business. Do an inventory of personal items like laptops, monitors, printers, and voice headsets to make sure your coverage limit lines up and document the value of these items. Also, be sure to document your inventory in a way that can be retrieved in case of a fire or other unforeseen home issue occurs.
• Request an increase in your personal home office limit (if you need it).The average homeowners policy in the U.S. has a $2000 limit for home office equipment. You may need to request higher limits if necessary.
• Increases in foot traffic in your home could increase your personal limits.If you’re going to be working remote for an extended period of time and are thinking about bringing clients to your home then you’re assuming the liability of those guests as they come onto your property. Check with your insurance company to make sure you are covered appropriately.
• Remember, if remote working turns into a permanent thing, home-based businesses do usually require more coverage than standard personal limits. If you decide to stay remote then check with your homeowners insurance company on what coverage limits they offer and ask for endorsements.