Homeowner’s insurance: Do I need extra coverage for that?

 In Colorado Insurance Professional

sistersYour homeowner’s insurance policy offers personal liability coverage that protects you in many different situations on – or even off – your property.

But some homeowners are involved in some activities, such as child care, that aren’t covered by their policies. As a result, they may find themselves at financial risk. If you are doing either of the two things listed below, you might want to give us a call to chat about extra coverage. We want you to be protected, whatever circumstances may arise.

Renting out your home: More and more homeowners are renting out their properties, which have been harder to sell because of the economic downturn. But the personal liability coverage in your homeowner’s policy is intended to cover personal activities and not those associated with a business. That can lead to problems if a tenant is seriously injured on your property.

Running a home-based child care business: Accidents happen with children all the time. If you are regularly providing day care services, you need to purchase separate liability insurance so that if a child is hurt in your home you aren’t financially devastated. The bottom line: If you’re running any type of business out of your home, you need business insurance.

Want to learn more? Check out these five uninsured personal liability risks to avoid.

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