Home Businesses Could Raise Home Insurance Premiums!
If you’re looking for extra income for that room you’re not using in your home, be it for home-based business or even to take in a renter, you’d better be prepared to make a call to your home insurance company first. What homeowners are learning is that there might be additional insurance costs tacked ontoalready existing property insuranceforusing part of the home for business. It’s high time you learn this as well.
You may be interested in testing out a number of ways to bring additional money into your home. Some ideas homeowners have considered include selling goods in their driveways, turning their property into a bed and breakfast, using a room or the entirehouse as an office space, or renting a room to a lodger. All of these ideas can manifest a great source of additional income. However, when you transform your home into a business, additional liabilities must be considered – andin some instances,insured.
Luckily, asking about the coverage you may or may not need isn’t the end of the world. It just means that you need to inquire first before settingyour business plans into motion. You might find that in your area, additional coverage isn’t necessary – depending on the nature of your business.
However, the last thing you want is the worst-case scenario of taking in a lodger only for him to be injured on your property. Or for a thief to come in and steal his property – definitely not a good look for a new business.