Does my homeowners’ insurance policy cover my home office too?
- The short answer is that it does not. For the most part, homeowners’ insurance is only meant to cover personal property, i.e., ones for personal use. That means any items that are lost which are not of personal use, i.e., which are being used for business, will not be covered. However, it depends on other factors, such as your home office’s size and nature, and associated equipment. The standard homeowners’ policy comes with a $2500 limit and covers what’s called business personal property. If the property was lost or damaged, the precise nature of what happened would also determine if it is covered. Generally, the $2500 limit may not be enough to cover your home office anyways.
Will the equipment in my home office be covered in the event of a fire or flood?
- A great deal of this will depend on who purchased the equipment, i.e., computer, printer, desk, etc., or how it was purchased. If the items you have in the home office are your employer’s property, they may be covered by their insurance. However, it will mainly depend on the language used in the employer’s commercial or business insurance policy, which indicates if the equipment is covered.
Should I tell my home insurer if I’m working from home or when I start working from home?
- Quite frankly, yes!. Inform your insurer that you are working from home. If the situation later changes halfway through the policy, ensure that your insurer is aware of this because if you don’t, it could invalidate your insurance policy. Some insurers may require that you tag on another policy or feature that covers damage to the equipment in your home office.
Is damage to my laptop covered under my homeowner’s insurance policy?
- It is hard to say without knowing the nature of your policy. Generally, accidental damage to laptops and TVs is covered under the homeowner’s insurance policy. Electrical items are covered under accidental damage, but you will want to check the terms in your insurance policy before moving forward.
Should I get individual items in my home office insured?
- If you work independently, i.e., you don’t have an employer and have just purchased some expensive new equipment like a professional 3D printer for work, you might want to buy separate insurance for it. Generally, having a separate insurance for something this expensive and of value to your work will mean that any damage to it does not cause you financial distress. Also, the most expensive items in your home office aren’t going to be covered by your home insurance if they are damaged.
Finally, when in doubt about if your home office and related equipment are covered, speak with an insurance agent. Most agents should help you decide between insuring individual items or maybe adding a feature to your current policy.