When insuring assets, your home is the biggest one. Unfortunately, times are uncertain at the moment. It’s impossible to find anyone that isn’t affected by the recent pandemic in some way, shape, or form. For many people across Canada, it has meant they have had to make the move to work from home, and it’s been a rather quick and last-minute move.
Setting up a home office probably wasn’t something you had planned on doing this year. However, here we are. With just a couple of months into the fight, there are thousands upon thousands of people who are now working from home full-time. So what does that mean for insuring assets, specifically the stake in your home?
Let’s take a closer look at what the recent pandemic means for your home insurance now that you are working remotely with no end in sight.
Insuring Assets: What the Stay at Home Order Means for Your Home Insurance
You may have been focusing on your productivity while working from home. However, what you may not have thought about is how this move affects your home insurance. Below we’ll look at what Covid-19 means for your home insurance.
Is Home Working Included in Your Home Insurance?
For many people across the country, it may come as a surprise to learn that working from home may not be included in your coverage. It’s easy to make the assumption that all you do at home is covered by your home insurance, but that isn’t necessarily the case. It’s also a very important distinction to be sure of.
The chances are, when you first selected your home insurance you picked a basic policy.
This would cover the exterior and interior of your home from things such as:
As well as the contents of your home, of course. Most insurance also protects against liability. So, should there be an accident in the house that ends up causing injury or harm to another person, there’s coverage.
But keep in mind, all of the above coverage is basic and refers to the typical homeowner. The homeowner whose house is now doubling as an office space may have different needs.
You May Need Extra Coverage
So, what’s the big difference?
Well it could be that you need additional coverage for your home insurance, or even a top-up. Take a look around your office space and start to do a visual inventory of the office equipment you have.
This could include a:
- fax machine…
…as well as other items. You want to be sure that you have enough coverage should anything happen to those items.
It’s not unusual for a basic home insurance policy to have a cap for any business property that you keep and use in the home. That cap doesn’t tend to be very high, so there’s a good chance it won’t cover all your equipment. This is where extra coverage can make sense.
What Should You Do?
So, what should you to do ensure you’ve got enough coverage for your home business? The best advice is to call your insurance provider, ask about the coverage you currently have, discuss the fact you are now working from home for an indefinite amount of time, and inquire about the options available to you.
You Don’t Want to Take Unnecessary Chances
Insuring assets during this time is important, especially since your needs have changed. At the end of the day, taking unnecessary chances and risking your office equipment being damaged or stolen due to lack of home insurance coverage just isn’t worth it. It’s best to ask questions and get adequate coverage. You don’t want to be left in the dark during this time.
Are you taking precautions to make sure your home is adequately insured during the stay at home order?
AUTHOR LaTia Longuemire
My name is LaTia Longuemire. I enjoy writing, singing, and cooking in my spare time. My passion is helping others. At this stage in my lifetime, I'm primarily focused on my children. They are everything that keeps my world spinning.