condo insurance

Does Condo Insurance Cover Work-From-Home Businesses?

Posted on by AgentInsure

Home and condo insurance policies share many similarities but also have significant differences. Your condo association’s master policy insures the condo’s common areas and parts of your dwelling structure, depending on the policy. Standard condo policies cover your personal belongings and liabilities, similar to a home policy. However, they only cover a minimal amount of business-related assets. If you run a work-from-home business from your condo, you should discuss covering your business with your agent. The Advantage Insurance Network team, serving Cincinnati, OH, will gladly find the combination of condo and business insurance coverage that suits you.

Condo Insurance and Working from Home

Condo policies often cover only $2,500 in business assets, which may be sufficient for "side-hustle" businesses operating from home, but the policies do not cover other commercial risks. You should consider commercial insurance for your business if you:

  • Occasionally host suppliers, customers, or employees at the condo
  • Store business inventory or supplies in the condo
  • Could have the business interrupted or revenues lost if your condo suffers damage
  • Need Worker’s Compensation coverage
  • Have supplier, client, or employee records subject to cybercrime

There are multiple commercial insurance options. The best option for you depends on your business, but three common options are:

  • Business property rider for your condo policy (typically with $5,000 limits)
  • In-home business insurance for property, liability, and other elements (for businesses with revenues of $250,000 or less)
  • A Business Owner’s Policy (BOP) provides a range of commercial insurance coverage for businesses with $250,000+ revenue

Working with the Advantage Insurance Network

The Advantage Insurance Network team proudly serves condo owners in Cincinnati, OH, and the vicinity. Call (513) 922-9460 or stop in today to discuss a personal and business insurance plan that fits your condo-based business.

Coverage For the Contents of Your Condo

Posted on by AgentInsure

Obtain coverage for the possessions stored within your condo. Review the following categories and make a list of the items you would like to add to your current condo insurance policy.

Protection for Furnishings

Furnishings can become damaged, vandalized, or stolen. Items that will be difficult to replace should be added to your condo insurance policy. Prepare a list that includes the type of furniture that you own. Include details about the current value of each furnishing. Consider which items are more likely to become damaged or stolen. Your condo insurance policy should adequately cover family heirlooms or expensive furnishings.

Insurance for Valuables

Assess the jewelry and other valuables you own. Collector’s items should be considered a priority when preparing the updates to your condo insurance policy. If you are unaware of the current value of any items, seek a professional appraisal. The appraisal results will guide you in selecting enough coverage for your belongings.

Coverage for Clothing and Storage

Consider the clothing in your everyday wardrobe. If any of the garments are large investments, take note of them. In addition, examine the manner in which you store clothing. The placement of a closet or another storage aid could affect the amount of protection that the garments are provided with.

Protection for Appliances

Research insurance protection for the appliances you own. Consider the use value of each appliance in your condo. Plan on insuring all the appliances you rely upon on a regular basis.

Professional Assessment

Your preliminary findings may encourage you to speak with one of our Advantage Insurance Network agents. Contact one of our agents and request to schedule a consultation. An agent who serves Cincinnati, OH, will prepare your modified condo insurance policy.