Our family protecting your family

Home is a place where most of us can be our complete selves. We relax, unwind and feel a sense of peace when entering the front door. But since earlier this year, for some of us, our homes have been turned into our offices, schools and safe havens due to COVID-19.

The Indiana Farm Bureau Insurance family is committed to protecting yours. Our homeowners insurance policies can be specialized to cover a variety of unique needs, but what can that mean for you?

What is homeowners insurance?

In the simplest terms, homeowners insurance protects one of your most valuable assets, your home. Most mortgage companies require homeowners to purchase insurance, but even if you don’t have a mortgage it is still a good idea to insure your house. 

Think about homeowners insurance as a small investment to protect your biggest physical asset. 

Homeowners insurance can provide coverage for your personal property, structures, liability and more. There are six basic coverages provided by homeowners insurance.

• Coverage A provides protection for dwellings, including homes and anything permanently attached to them, including attached garages. It provides coverage for repairing or replacing the walls, ceilings, floors, roof and other covered structural components.
  
• Coverage B provides protection for other structures on the property. This can include detached garages, barns, sheds, fences and mailboxes . If these structures are detached from the dwelling, coverage is provided under Coverage B. Coverage B limits are typically a percentage of the Coverage A limit, so be sure that the Coverage B limits are sufficient to cover the value of all detached structures, as not all properties are created equal.
  
• Coverage C provides protection for your personal property meaning the items you own that are not permanently attached to the dwelling,  such as household contents like furniture and electronic devices. Be sure to ask your agent about sub-limits on certain types of valuable property, including jewelry, cash, firearms, fine art, precious metals and more. If your property is frequently away from the premises, be sure your coverage limits for what is called “property away from premises” is sufficient.
  
• Coverage D provides loss of use coverage if some or all your home would not usable due to a covered cause of loss. In the event your home is not inhabitable, this coverage can provide for a hotel and meals, as well as other living expenses.
  
• Coverage E provides liability coverage to policyholders, including claims for bodily injury or property damage for which the policyholder might be liable. One of the most frequently covered claims for bodily injury coverage is for dog bites. It may also apply if a policyholder is responsible for damage another’s property.
  
• Coverage F can provide coverage for medical bills that arise out of an injury to others on your property when that injury was not intended, regardless of fault.
  
  

How does working from home affect my homeowners insurance?

Homeowners insurance protects the equipment you personally own that you use while working at home. For most people, working from home doesn’t affect the coverage their homeowners insurance offers. Additional coverage may be needed if that person has a very computer intensive job (additional computer equipment is brought into the home) or if people are now coming onto your premises for work-related reasons that didn’t come on to your property before you were working from home.

You may have decided to purchase additional computer equipment or upgrade your office space because you are working from home. Our policy provides some coverage for computer and electronics equipment used for business purposes, but you can also specifically schedule such valuable items on your policy. You can choose a different deductible than your policy deductible.

Our policy provides $2,500 on the property used at any time or in any manner for any business purpose. Working from home may not affect your homeowners insurance at all, or it may quite a bit. We can help you think about your particular situation and the conversation you should start with your employer and then your professional Indiana Farm Bureau Insurance agent. 

Why should you care about this aspect of homeowners insurance? We want to ease your mind by helping you with these types of questions So, if something does happen, you know if you are covered or if you need to purchase additional protection to cover your work-related assets.

Also, we encourage you to initiate a conversation with your employer regarding the responsibility for your employer’s business-owned equipment.

Is my company’s equipment covered by my homeowners insurance?

If I am using my company’s equipment, is that covered? Property of others can be covered under your homeowners liability. if you are legally liable but it is subject to a sub-limit of $500 within the policy contracts.

Consider purchasing Indiana Farm Bureau Insurance’s “Damage to Property of Others” endorsement—  with a limit of $10,000—if  you are using company equipment beyond a simple computer or laptop, if you are in a situation where you have exposure beyond the $500 within the policy contract, you may want to consider adding this endorsement. Have a conversation with your employer if you, as the employee, are responsible for damage to the equipment.

What should I do next to protect myself?

If you have purchased additional computer equipment and are interested in scheduling it on your policy, or if you are responsible for your employer’s equipment that you are using at home, contact your agent. Your agent can help you determine what steps are best for you and what your options are. If you are interested in purchasing additional endorsements, your agent can also help you with a quote.

COVID-19 or not, remember to also regularly review your insurance policies with an  Indiana Farm Bureau Insurance agent—no matter who you are insured with. It is important that you know and understand your insurance coverages.

*Limited dwelling coverage available on condo policies

**Additional living expenses coverage depends upon coverage selection

*The information in this article was compiled from a variety of sources and is intended to provide helpful tips only.