1. You bought something motorized. It’s a common misconception that everything stored in your garage, shed, or storage unit is covered by your homeowners insurance policy, but this isn’t true of motorized vehicles.
This includes:§ Classic cars (even when stored)§ Motorcycles and dirt bikes§ ATVs§ Boats with motors§ Jet skis§ Snowmobiles§ E-bikes
A simple rule to follow: If you purchase any motorized vehicle, it needs to have its own insurance policy.
2. You built something on your property. Thanks to the booming real estate market, reconstruction costs have skyrocketed. This means the coverage your homeowners policy provides for detached structures could be inadequate.If you’ve jumped on the tiny home or “she shed” trends or have a detached garage, your insurance agent needs to know.This is especially true if you’re renting a tiny home or accessory dwelling unit on your property, including through short-term rental sites like Airbnb and HomeAway. Please make sure you talk to your agent because renting something out in your home or a detached could leave you with coverage issues.
3. You remodeled your home. Americans spend about $400 billion to remodel their homes each year. Surprised? So were we, but even a modest kitchen or bathroom upgrade can impact the replacement cost of your home. Whenever you make cosmetic or structural upgrades INCLUDING SOLAR PANELS it’s important to update your home’s Dwelling Coverage.
4. You have a side hustle. According to U.S. Census reports, there are as many as 38 million home-based businesses in the U.S. 38 million. This could be teaching piano lessons, a hair salon or anything that brings foot traffic to your home. More often than not, when our clients start businesses out of their home they assume their home or renters insurance policy protects them. Unfortunately that isn’t true.Your homeowners, condo, or renters insurance policy does not provide insurance protection for your home business OR any hobby you have that earns income.
Without the proper insurance, your personal assets — and the future of your business — are at risk. For example, say a UPS driver injures himself while making a business delivery to your home. Without home business insurance, YOU could be on the hook…seriously! It is time to look into insurance as soon as your hobby starts making money.
Tell your insurance agent about any of these that are happening in your life, or call us to discuss your options and get a free insurance consultation. 801-825-3887