Why your home-based business needs commercial insurance

More entrepreneurs are opting to base their businesses in their homes. It is an excellent financial decision for many reasons, including not having to pay rent to use your home. But, if you think it is a good idea to rely on your home insurance to give you the protection you need, you should reconsider that decision. At Insurance Protection Specialists in Flowood, MS, we know that home insurance is not designed to protect a business, and we will show you the benefits of commercial insurance coverage. 

Property coverage

Home property coverage is very different from commercial property coverage. It is not designed to cover what you use to conduct your business. Commercial property coverage is a combination of property and personal property. It will cover the tools, the office equipment, and any of the other things that you use in the course of doing business. Home insurance is not designed to cover these types of items. 

Liability coverage

Home liability insurance will cover personal visitors who come to your home. Still, it will not cover anyone who visits for business purposes, whether a client or a vendor. Getting sued can be very damaging to your business. 

Workers compensation coverage

If you have employees, a minimum of five, they must be covered by workers’ compensation insurance. It protects both you and your employees. 

Business interruption insurance

Businesses face many risks and can be closed by any of them at almost any time. Suppose it happens, and you must maintain your business even when you are forced to close temporarily. In that case, this insurance can help you to survive by providing the money you need to meet regular expenses. 

Contact our office at Insurance Protection Specialists in Flowood, MS, when you want to discuss your home business commercial insurance coverage. 

Making your home a safer place inside and out

Home safety is a significant concern nationwide, not just in Mississippi. Keeping intruders out and creating a safe environment inside is what you want and need. Having the right home insurance to protect you from things that can go wrong is essential to your security, both personal and financial. At Insurance Protection Specialists in Flowood, MS, we work with our customers to customize their home insurance to their particular needs. 

Add a home security system

It has never been easier or more affordable to install a home security system. You can install it yourself without any special tools or skills. While nothing can totally protect you, having a visible home security system is a deterrent, and it may discourage would-be intruders. 

Have motion detection lights

Being able to see who is outside your home is vital. With motion detector lights, if there is any motion from a person or an animal, it will set off the lights. This improves your safety as well, and it can offer you the light you need to get into your home without stumbling around in the dark. 

Remove trip and fall hazards

Falls in the home are one of the most dangerous hazards. More than 25% of older people have a fall at home every year. Keeping halls and stairs clutter-free is vital. Extension cords should not go across walking spaces. Throw rugs are a hazard for people of any age. Have grab bars in the shower to give support if necessary. 

Keep poison out of reach

Poisons come in many forms and can be a severe hazard to both the elderly and the young. Medicine and toxic chemicals should be kept in a high space or under lock and key. 

Contact Insurance Protection Specialists in Flowood, MS with any home insurance questions or needs you have. 

Are You a Homeowner? Make Sure You Have Homeowner’s Insurance for the Protection You Need

Are you a homeowner or planning on becoming one? If so, it is important to know that if you are carrying a mortgage on your home, you need homeowner’s insurance. Do you live in or near Flowood, MS? Then Insurance Protection Specialists can provide the homeowners’ insurance you need.

Home Insurance: The Coverage Basics

A standard policy has four key coverages: dwelling (home), other structures (garage or storage shed), personal property, and liability. Homeowner’s insurance pays for damage and losses to your property when the unexpected occurs, such as a burglary or fire.

When you have a mortgage, the lender wants to ensure its interest is protected. That is why proof of a homeowner’s insurance policy is required.

The most vital part of a homeowner’s policy is the level of coverage. The most common level of coverage is an HO2 policy which protects against 16 perils that are named in the policy. Things such as age, wear and tear, or neglect are not covered. Most policies will include replacement or repairs due to fire, wind, or other weather events as noted in the policy.

Gradual water damage occurring slowly and over time will not be covered. But water leaks and damage that occurs suddenly or if a pipe randomly bursts, the damage will be covered by insurance.

If you have a homeowners policy and allow it to lapse, this will violate the terms of your mortgage agreement. The lender could then force you into a more expensive policy or put your loan in default, which puts you at an increased risk of losing your home.

You need enough coverage to rebuild your home if it is destroyed. For your personal property, you want coverage limits that are at least 50% of your home coverage amount. Liability coverage should be high enough to cover all assets.

Contact Us Today

Talk to the professionals at Insurance Protection Specialists in Flowood, MS today. Obtain a quote or get any questions answered. We are glad to assist. 

The Basics of Home Insurance

Home insurance is there is protect one of your most valuable assets financially. The Insurance Protection Specialists serving the city of Flowood, MS would like you to know the basics of homeowners insurance. Whether you are an owner or a tenant, this information is relevant to you.

The Five Facets of Homeowners Insurance

Property Damage

This part of your policy protects your home and your belongings against perils. Perils are potential events that may cause loss like hail. The policy can either be a specified perils policy, meaning you only have cover for the perils you specify in the policy, or an all-risk policy covering all perils except specifically excluded ones like floods.

Liability Cover

This portion provides financial protection from legal liability and lawsuits due to negligence resulting in bodily injury to a third party or property damage.

Medical Payments Cover

This section pays for medical bills if a guest or third party is hurt by accident on your property and requires medical attention.

Additional Living Expenses Cover

If you cannot live in your home for reasons that meet the insurance policy requirements, then this section will pay for your motel or rental bills and possibly some extra living expenses that you may incur while your property is repaired. It is usually when your home is accidentally damaged to such an extent that it is unsafe to live there.

Other Coverage

There are other coverage options for the contents of your home not covered by the perils section and for structures not attached to the main dwelling on your property.

Depending on your requirements, cover your home as little or as much as you want in line with the value. Don’t let your home be uninsured!

Speak to the Insurance Protection Specialists serving Flowood, MS today.

Three things you might not know about home insurance in Mississippi

Homeowners in Flowood, MS need to invest in a home insurance policy to protect their property’s value. We provide home insurance at Insurance Protection Specialists. 

The following are three things you might not know about home insurance in Mississippi. 

Certain natural disaster damages might not be covered under a standard policy. 

Your standard home insurance policy should cover you for various types of natural disasters. For example, your policy should cover you for damages caused by lightning or blizzards. However, damages caused by hurricanes or earthquakes might not necessarily be covered.

It will help if you read your policy’s fine print to see what causes of damage are covered. 

You may need to pay for additional coverage for outbuildings.

Do you live on a property that includes numerous outbuildings? Any building you own detached from your home might not automatically be covered under your home insurance policy. 

If you wish to have your outbuildings covered, you need to bring this issue up specifically with your home insurance provider. You may need to invest in some added coverage if there are numerous buildings on your property like a guest home, barn, or detached garage that you need to have covered. 

Investing in added coverage may also be necessary if you keep high-value possessions in your home. 

Do you keep collector’s items or expensive electronics in your home? If so, you might want to invest in added coverage.

A standard home insurance policy will offer coverage for possessions within your home, but that coverage will be limited. For high-value items, you should invest in added coverage. 

Do you want to learn more about your home insurance options in Flowood, MS? We can provide you with the information you’re seeking at Insurance Protection Specialists. Get in touch with us with your questions. 

What is the difference between private mortgage insurance (PMI) and full home insurance?

About two-thirds of American homes are underinsured. CBS News reports that a study by Marshall & Swift/Boeckh found that homeowners only have sufficient home insurance to pay for about 78% of the amount needed to rebuild a home that is destroyed.

Areavibes says that the median value of a home in Flowood, MS is $174,500. This means for the average homeowner who lives in Flowood with an underinsured home. If it needs to be rebuilt, there will be the bills to pay of 22% of $174,500, which equals $38,390. Yikes! That is a lot of money to spend in the event of an emergency after a home is destroyed.

Private Mortgage Insurance

One contributing factor that may be partially responsible for this severe underinsurance problem is that homeowners may not clearly understand private mortgage insurance (PMI). PMI is required by some lenders to get a loan. Some may confuse PMI with full home insurance. However, PMI protects the lender, not the homeowner.

If a home with PMI insurance is destroyed, the PMI pays off the balance remaining on the loan. It does not pay anything at all to the homeowner. The balance of the home loan is usually less than the home is worth or the cost of replacing the home. PMI will not help rebuild the home. Moreover, PMI does not cover the down payment or any increased value of the house.

Avoid the Danger of Being Underinsured

Clever homeowners work with their agent at Insurance Protection Specialists, serving Flowood, MS and the surrounding area, to make sure they have adequate home insurance protection in case something terrible happens. Talk with your agent about replacement cost coverage that considers the actual total cost of rebuilding a home. Ask about flood insurance too because that is a separate policy

Contact your agent at Insurance Protection Specialists in Flowood, MS by calling our office to get a home insurance review and a quote for home insurance to be certain that you have adequate insurance protection.