Consumers home loans

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Coverage needs depend on if you’re employed or running a business.

In recent years, working from has become more common than ever. But how does it affect your homeowners insurance? Here’s a brief look at what you need to know.

Homeowners insurance covers personal property

Your personal property, including business equipment, is covered by homeowners insurance. However, the standard limit is typically $2,500. Considering the cost of technology, including a computer, router, printer and backup drive, you may want to purchase additional property coverage.

Employers are responsible for equipment they own

If you work from home using employer-owned equipment, insuring the equipment is your boss’s responsibility.

Considerations for at-home businesses

If you run a business from home, you might need business insurance in addition to your homeowners policy. Coverages you should consider include:

• Business property insurance: Provides protection for equipment, supplies and inventory owned by your business.
• Liability: Needed when people visit your home for business purposes, you provide a product or your business activities could result in damage to property or injury to a person.
• Business auto insurance: Needed for a vehicle used for business purposes, including making deliveries.

Review your coverage

Be sure to take inventory of your business property at least once a year to ensure that you have adequate insurance coverage. You don’t want to find out after a loss that your coverage limits are too low to replace what you have.

Plan for premium payments

Homeowners insurance premiums are one of a homeowner’s biggest recurring expenses. You can avoid taking a budget hit and save money on installment payment fees by setting aside funds in a Consumers savings account. Divide your annual premium by 12 and make sure to save that amount each month. For example, a $1,200 premium, would require you to save $100 each month in order to have the cash on-hand when the annual bill is due.

Consumers home loans

We’d love to help you with a mortgage or home equity line of credit.

Learn more.