A lot of people prefer operating their business at home to save on office rentals and to spend more time with the family. Home-based business owners who already own their home do not worry about insuring their business, since they already have a homeowners’ insurance to cover it. However, yor home insurance may be invalidated if your home is used for business activities that are not declared in your policy. There are types of business insurance coverage you can avail of, depending on your business activities. This is in addition to the coverage of your homeowners insurance.

In cases of theft or damage to property, you can add a contents insurance to cover the equipment you use like computers, fax and printing , freezers, etc. Note that these equipment will be covered while these are in your premises. Mobile items like laptops should have separate property insurance.

If your have clients or deliveries over your home, you should get additional liability insurance. Relatives who visit and end up getting injured inside your premises will be covered by your homeowner’s policy, but clients or delivery boys who trip over and get injured will be covered by a separate liability insurance specifically for your business operations.

There are different types of business insurance, visit this site to know more.

Also visit www.iii.org for more insurance information.

(Image from www.allfreelance.com)

When it comes to contents insurance, the insurance companies vary in terms of coverage of property and possessions, which is why it is very important to choose which insurance policy and company would work best with you. Some policies would go to as far as changing your locks if your keys are stolen, however, some would pay for lost items but would not go as far as this. Some policies would cover the repair of even broken mirrors or doors in case of burglary, but some would pay only for the damages done on equipment, gadgets and appliances.

There are also policies wherein insurance companies increase the level of contents cover during special holidays (Christmas) or special occasions (weddings) should you have a lot of valuable gifts you will most likely have around the house.

It is always best and advisable to check with your insurance company on the schemes and conditions that you could make the insurance system work best for you. Like in every scenario, it is always better to prevent than to cure.

Along with the buildings insurance that guarantees your house will be under good protection is its partner in the safe-keeping of your home – the contents insurance. The contents insurance, which is self-explanatory, insures the protection of the contents of your home. All your worldly and valuable possessions are the primary reasons why such insurance was created.

The contents insurance covers every valuable thing that you own – including furniture, household goods, food and drink, television sets, video cameras, computers, stereo and sound equipment, gadgets, fitness equipment, clothes, jewelries and the like. The claims for this insurance are expected to be made after a burglary or a fire or any other untoward incident that your contents insurance are enrolled in. The insurance also pays if there are damages or vandalism done to your things, so the claims must be done immediately after the incident has occurred.

In buying earthquake insurance, you may want to consider the following in selecting the right plan:

- which structures does the insurance cover? (dwelling, garage, home extensions)
- will the policy also cover the contents of the home?
- will additional living expenses be covered if the house is severely damaged?
- what are the exclusions and limitations of the coverage?
- how much deductible should be paid before the insurance may be availed of?

Consider the costs of rebuilding your house and replacing broken items inside the house – your policy cover all these. Make sure that your rights in claiming are clear before signing the policy.

Buildings insurance covers your home’s main structure. It will recover the costs of repair or rebuilding if it incurs damage. Some of the causes of structural damage are subsidence or sinking of land, fire, and extreme weather. It covers also any permanent fixtures in your house like kitchen surfaces, showers, baths, taps, basins, light fittings and built-in wardrobes. Most policies include cover for boundary walls, gates, pools, drives, paths and outbuildings. However there are exclusions and you must check these. Also, if your house needs to be rebuilt or you need to move out, you will be provided temporary accommodation.

Have received some pricey gifts from your parents, friends or hubbie, then get your insurance to cover it fast so you can get it replaced if the unthinkable happens. Burglaries and theft are on the rise and homeowners should take every precaution to protect the home and it’s contents. Installing a home alarm system to detect such incidents even when you are out of the house can mean life and death for you and your family. ample lighting outside the house and removing hiding places or at least illuminating them/maintaining them can deter burglars.
Homeowners insurance has the ability to cover such contents through add-on’s that would have you declare the valuables or items you wish to cover. The insurance company will then have to get the market value of that item or get it appraised for an estimated value they will pay you when it is stolen when the home is broken into. A quality vault in the home would also be a good deterrent for it will make it harder for thieves to get these valuables but they can only protect these things and not your family members who happen to be in the house so do secure the house, for you and your family.

With these difficult economic times, we need to look for ways to lessen our expenses. Insurance is one necessity we cannot live without. One way to save money on your insurance is to “bundle” your policies through a single company. Many insurance companies now offer discounts to property owners who purchase their car insurance coverage from the same company as their howeowner’s policy. Recent studies have shown that more than 70 % of property owners have bundled their insurance. Aside from the savings, the convenience of paying just one monthly bill for your insurance is another advantage as well. Also, policyholders who bundle are more likely to be happy with their provider and often establish a long-term relationship with the insurance company. Furthermore, by going with just one company, you’ll be much more acquainted with their rules and operations, and it also makes it easier and more convenient to manage or add on any extra policies that may be needed in the future.

The most typical home insurance are HO-2 and HO-3. An HO-2 policy provides the 16 perils that are covered:

Fire or lightning; windstorm or hail, explosion; riot or civil commotion; damage caused by aircraft; damage caused by vehicles; smoke; vandalism or malicious mischief; theft; volcanic eruption; falling objects; weight of ice, snow, or sleet; accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning, or automatic fire-protective sprinkler system, or from a household appliance; sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning or automatic fire-protective system; freezing of a plumbing, heating, air conditioning or automatic, fire-protective sprinkler system, or of a household appliance; or sudden and accidental damage from artificially generated electrical current (does not include loss to a tube, transistor or similar electronic component) (www.insure.com ) 

An HO-3 policy on the other hand, covers everything that is not included in the list of exclusions provided in the policy. The following are the exclusions in a standard HO-3 policy:

•  Ordinance or law, such as demolition or construction required to bring your house up to code. 

•  Earth movement, such as shockwaves, sinkholes, landslides and mudflows. 

•  Water damage, such as floods, sewer back-ups and water that seeps through the foundation. 

•  Power failure. 

•  Neglect, meaning you failed to take reasonable means to save your property during or after a loss. 

• War, including undeclared war and civil war. 

•  Nuclear hazard. 

•  Intentional loss, meaning something you did on purpose with the intent to cause a loss. 

•  Governmental action, such as the destruction, confiscation or seizure of covered property by any governmental or public authority. 

• Loss to property resulting from faulty zoning, bad repair or workmanship, faulty construction materials, and defective maintenance. (www.insure.com )

 

Should your house need a claim due to floods, fire or any other related disaster, the “sum insured” is the amount of money for which your home will be covered. Let’s say your house is insured for $ 250,000.00, then the amount that will go back to you will exactly be just that, to help you rebuild your home and get your feet back on the ground.

The person in charge of preparing your home’s professional rebuilding cost assessment for buildings insurance purposes will be a chartered surveyor and a member of the Royal Institution of Chartered Surveyors. This person will make the job easier for you of finding out how much your buildings insurance should be insured.

There are insurance companies that have policies wherein they offer unlimited cover for buildings and contents insurance. This is a good thing, meaning you need not worry about how much cover you need on your possessions.

To make taking your claim easier, keep your policy documents in a safe place and your policy number and claims line number easily accessible. You could call them anytime of the day and the paperwork can be done quickly while talking on the phone. If you’re properly insured, you will be provided with a brand new item but there are a few exceptions to this. However if you need to make a claim, be sure that it’s honest because if you exaggerate, the insurer will refuse and cancel your policy. You may also find it harder to get insurance in the future.