{"id":16311,"date":"2020-08-17T15:15:00","date_gmt":"2020-08-17T22:15:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16311"},"modified":"2020-08-14T15:07:04","modified_gmt":"2020-08-14T22:07:04","slug":"work-from-home-home-insurance-rates","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/08\/work-from-home-home-insurance-rates\/","title":{"rendered":"Work from Home &#038; Home Insurance Rates"},"content":{"rendered":"<p style=\"text-align: justify;\">Most Canadians are working from home now, and we\u2019ve all read a half-dozen articles on tips on making the most of it.<\/p>\n<p style=\"text-align: justify;\">But did Canadians forget to keep an eye on their home insurance policies?<\/p>\n<p style=\"text-align: justify;\">It depends on the nature of your work and your employment status, but yes\u2014there\u2019s a possibility that your home insurance policy may need an update if you\u2019re working from home<\/p>\n<p style=\"text-align: justify;\"><strong>Employees Working From Home Are Probably Fine<\/strong><\/p>\n<p style=\"text-align: justify;\">While every home policy is different, it\u2019s unlikely that working from home as an employee would change your home insurance rate. Jobs that actually can be done from home usually involve little more than laptops, inherently making them low-risk activities.<\/p>\n<p style=\"text-align: justify;\">Working for an employer at a desk job doesn\u2019t carry the same risk as running the business itself, so you wouldn\u2019t need to worry about working from home as an employee in most cases. The business risk doesn\u2019t correlate to risks related to your home in most cases.<\/p>\n<p style=\"text-align: justify;\">It\u2019s important to note that not every job just involves sitting at your desk\u2014such as childcare, hair styling, or pet grooming\u2014but it\u2019s rare to perform those kinds of jobs from home as an employee. People performing those roles from home are usually self-employed, which requires a separate business insurance policy (we\u2019ll get into that below).<\/p>\n<p style=\"text-align: justify;\">If you\u2019re working in marketing, finance, consulting, or computer software as an employee, then you\u2019re probably in the clear.<\/p>\n<p style=\"text-align: justify;\"><strong>Freelancers and Contractors Might Need Business Insurance<\/strong><\/p>\n<p style=\"text-align: justify;\">If you work as a freelancer (or have taken up freelancing this year) then it\u2019s possible that your home insurance policy needs a change. However, it\u2019s crucial to know that many insurance providers in Canada do have a small amount of coverage for small, low-risk businesses being run out of your home (usually about $5,000 in coverage\u2014nothing fancy).<\/p>\n<p style=\"text-align: justify;\">This would include side hustles such as :<\/p>\n<p style=\"text-align: justify;\">\u2022 Graphic designers<br \/>\n\u2022 Writers<br \/>\n\u2022 Social media managers<br \/>\n\u2022 Financial advisors<br \/>\n\u2022 Videographers<br \/>\n\u2022 Lawyers<br \/>\n\u2022 Online instructors<br \/>\n\u2022 Project managers<br \/>\n\u2022 Web developers<br \/>\n\u2022 Virtual assistants<br \/>\n\u2022 Recruiters<br \/>\n\u2022 Administrators<\/p>\n<p style=\"text-align: justify;\">If you\u2019re running a low-risk side business like that out of your home, then you can likely get by with the added home business coverage if it exists in your policy (always double-check that it\u2019s there, though!).<\/p>\n<p style=\"text-align: justify;\">That\u2019s because most desk jobs are only likely to encounter liability risks\u2014but those liabilities would be attached to your business instead of your home. The story could be different if you use physical tools and materials for your freelance business, though, like sculptors or carpenters.<\/p>\n<p style=\"text-align: justify;\">It\u2019s also worth noting that most home policies let you buy an add-on for home-based businesses that cover business tools and professional liability, but you\u2019d still need a dedicated business insurance policy if clients visit your home or if the business hits a certain level of revenue. There are limits to the add-on policy.<\/p>\n<p style=\"text-align: justify;\"><strong>Sole Proprietors : Home Policies Don\u2019t Cover Your Business<\/strong><\/p>\n<p style=\"text-align: justify;\">Sole proprietors working from home are a bit more interesting because a home policy isn\u2019t enough to service a dedicated business.<\/p>\n<p style=\"text-align: justify;\">It\u2019s not as simple as insuring your home, setting up business at home, and putting off insuring your business. Running certain kinds of businesses out of your home or anywhere on your property could introduce tangible risks to your home, not just legal liabilities.<\/p>\n<p style=\"text-align: justify;\">That means your residential home policy could be affected by work in some form, including raising rates.<\/p>\n<p style=\"text-align: justify;\">If you\u2019ve taken up woodworking as a side hustle, for example, then there might be a set of new and very real risk to your home. In this example, those risks could include :<\/p>\n<p style=\"text-align: justify;\">\u2022 Professional tools causing injury or damage to your home.<br \/>\n\u2022 Materials or chemicals causing property damage or personal injury.<br \/>\n\u2022 Clients could suffer injury on your property if they pick up products or travel to your home address.<br \/>\n\u2022 That\u2019s not an extensive list by any stretch, but it does demonstrate how bringing a workshop home\u2014even just in your garage\u2014can raise the level of risk beyond the capacity of a single home insurance policy to handle.<\/p>\n<p style=\"text-align: justify;\">Always check with your insurer to be on the safe side. It\u2019s not worth experiencing any curveballs when you need to make a claim.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.zoocasa.com\/blog\/working-from-home-insurance\/\" target=\"_blank\" rel=\"noopener noreferrer\">Does Working from Home Impact Home Insurance Rates?<\/a> by AHA Insurance | zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most Canadians are working from home now, and we\u2019ve all read a half-dozen articles on tips on making the most of it. But did Canadians forget to keep an eye &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/08\/work-from-home-home-insurance-rates\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-16311","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Work from Home &amp; Home Insurance Rates &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/08\/work-from-home-home-insurance-rates\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Work from Home &amp; Home Insurance Rates &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Most Canadians are working from home now, and we\u2019ve all read a half-dozen articles on tips on making the most of it. 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