I'm in central florida and a new investor. My insurance agent just quoted me $500/yr to add my home office onto my homeowners policy as an endorsement for only $2500 in coverage for the home office. Are there any cheaper alternatives? I cant justify that cost vs. coverage ratio ( although i may have to so i dont run the risk of a costly claim being rejected if the insurance company finds out i'm running a business out of the home)
Home office meaning you see clients there or home office where you sit at your computer and work? If it is the later I would retract the request. I don't know about the insurance company opinion but in my experience I don't bother with a home office endorsement. I don't see people at my home for business though.
is correct, if no body is visiting, no reason to add the liability side of things. but you may have a property exposure on that. Do remember that any business property is excluded above $2500 on the unendorsed HO policy. So you may want to add increased business personal property coverage, even myself I put an extra $20k for myself on my HO policy. It ran about $20 a year though. If I had clients visit it would be about $100 for incidental business exposure.
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