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In-Home Business |
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Do you have one? Chances are the answer might be yes. According to the magazine Home Office Computing, "over 40% of people these days have some sort of In-Home Business." Whether it is the annual garage sale, or the home office, people are starting to work from home more these days than in days past. No more days driving 50 minutes to the office-great. No more days driving on Rt.422-great. Unfortunately, very little coverage, if any exists under a typical Homeowners policy-not great. Some Homeowners policies will only provide you with $2500 for your Business property on the residence premises while others will not provide coverage at all, and you will find the need for a Commercial policy. "Theoretically, if you earn money from your home, a homeowners policy may not cover it," says Preston Diamond, trainer for Performance Dynamics in Chapel Hill, NC. The Insurance Services Office 2000 Version of the new Homeowners policy defines a business as "any activity from which you made $2000 last year," says Jerry Milton, education consultant for the Professional Insurance Agents Association of PA, MD & DE. The only way to truly know if you have coverage for a home office or home business under your current policy is to ask your agent.
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