Home Insurance

Does My Home-based Business Require Commercial Insurance?

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If you are like many entrepreneurs, you have thought about starting a home-based business. This model is convenient and saves you significant operating expenses. A home-based business is excellent, but you may be at a crossroads regarding the insurance needed for your business. Since you have home insurance, you may wonder whether you need additional coverage.

The reality is that home insurance offers limited protection for your business. Home insurance is confined to your home structure and its contents. Your typical home insurance doesn’t cover any liability claims and other losses incurred in your business. Jim Boyce Insurance in Matthews, NC, recommends the below commercial insurance options for your home-based business.

General liability coverage

This coverage covers you when accused of causing losses to third parties. Since home liability insurance doesn’t cover business-related claims, you must purchase general liability insurance to protect your business when accused of property damage, advertising, or bodily injury.

Commercial property

Home insurance provides limited coverage to your business property. Please consider commercial property insurance if you want all-rounded protection for your business assets. This policy compensates you when loss or damage happens to your business assets.

Cyber insurance

Home insurance won’t protect your business against cybercrimes. Invest in cyber insurance if your business stores sensitive customer data or has a heavy online presence. This policy cushions you financially when you encounter a cyberattack.

Professional liability insurance

Do you offer professional services such as legal advice, accounting, or auditing? Invest in professional liability insurance to protect yourself when accused of negligence or missed deadlines.

Want to protect your home-based business in Matthews, NC? Please talk to Jim Boyce Insurance. We will offer a business insurance policy that meets your budget and other business needs.

Most-forgotten Basics About Home Insurance

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If you want to harness the power of your home insurance, it will help if you don’t forget the basics. Unfortunately, most homeowners rarely give their home insurance policies a second look after renewing. This could be dangerous as it can expose you when the unexpected occurs.

Today, Jim Boyce Insurance wants to refresh your mind about the everyday basics of home insurance you shouldn’t let fall by the wayside.

Updating your home insurance

Your home insurance isn’t a “set and forget” thing. You should review your home insurance annually to ensure it covers your current needs. However, sometimes you need to review your policy sooner. For instance, if you renovate your home or welcome a dangerous pet in your home, you should talk to your insurer to update your policy.

Failing to maintain an inventory list

Maintaining an inventory list to know everything in your possession is always a good idea. You can do this by going from one room to another to record everything you own. This way, you won’t have assets missing from your home insurance coverage. Plus, it makes it easier when filing a claim.

Home insurance exclusions

It’s a huge mistake to assume that your home insurance covers all risks under the sun. Your standard home insurance has limitations and exclusions. For instance, typical home insurance won’t cover damage caused by floods, earthquakes, sewer backup, and intentional acts.

Learning about home insurance exclusions is vital to help you know what “add-ons” to purchase to boost your home insurance policy.

Home insurance in Matthews, NC 

Want to learn more about homeowners insurance? Shopping or renewing your home insurance in Matthews, NC? You are in the right place. Jim Boyce Insurance wants to be your preferred insurance agent in North Carolina. We offer tailored insurance advice and affordable policies to our clients. Please call or email us today as the first step towards a lifelong partnership.

Common Home Insurance Claims and How to Avoid Them

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While there are many reasons a home insurance claim is filed, there are some that are simply more common than others. Hopefully, you are a responsible Matthews, NC homeowner and have sufficient insurance coverage for your home in the event that disaster strikes.

However, if you are not or are worried that you do not, reach out to us at Jim Boyce Insurance and we can make sure that you do. In the meantime, here is a look at the three most common home insurance claims and how you can avoid them as a homeowner.

Wind Damage

Many people don’t realize just how much damage winds can do. When winds blow through your town at high speeds, they can loosen your shingles and siding, break limbs, and uproot trees. Working to reinforce the exterior of your home and ensuring that roof damage is repaired immediately can help prevent significant issues from happening.

Your roof should undergo routine inspections, and compromised trees on your property should be reinforced or removed by professional arborists before they have a chance to fall and cause significant damage.

Water Damage

From a leaky toilet to a burst pipe, household plumbing issues can truly wreak havoc. They can flood the inside of your home, causing considerable damage to the furniture, floors, and walls. Of course, water damage can also come from a rainstorm or nearby creek.

Plumbing fixtures and pipes should be repaired immediately when damaged, since interior damage from neglected plumbing may not be considered a covered event. In addition, flood insurance should be considered to help protect your home from external water sources, since homeowner’s insurance typically does not cover this type of water damage.

Theft

When your home is broken into and your belongings are stolen, you have to deal with the loss of your items as well as broken doors and windows. One way to combat this is by having a home security system installed. In addition, this installation may help to reduce your home insurance costs.

For more information on protecting your Matthews, NC home, contact the agents at Jim Boyce Insurance. We can help ensure that you have a home insurance policy that sufficiently keeps your biggest investment safe and sound.

Three reasons you need home insurance for your North Carolina property

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Consumers in North Carolina often wonder why they really need to have home insurance coverage. At Jim Boyce Insurance in Matthews, NC, we offer home insurance policies that give property owners numerous key advantages.

The following are three reasons why you need home insurance in North Carolina. 

Mortgage lenders in North Carolina require home insurance.

Perhaps the number one reason why you need home insurance in North Carolina is that your mortgage lender will require it. If you had your home financed, you need to have it insured.

Mortgage lenders require their borrowers to have home insurance to protect their investment in the homeowner’s property. Until your mortgage loan is paid off, you’ll be expected to have an active home insurance policy. 

North Carolina homes are subject to storm damage. 

Weather events like lightning storms are not uncommon in the state of North Carolina. These events can cause home damage due to fire, power outages, and more. Home insurance will often cover the costs of damage caused by lightning storms.

North Carolina is also subject to damage from hurricanes and flooding. However, a standard home insurance policy usually won’t offer coverage for damage from these types of weather events. That’s why North Carolina homeowners often need to invest in flood insurance in addition to standard home insurance. 

A North Carolina homeowner’s property is generally among his or her most valuable assets.

Another key reason why you need home insurance in North Carolina is that your home is so valuable. The median home value in North Carolina is $214,726. Because North Carolina homes are so valuable, it’s important for homeowners in the state to insure them. 

If you need to buy a home insurance policy, we’re here to offer our assistance at Jim Boyce Insurance. Contact us at Matthews, NC to learn more about our home insurance policy offerings. 

What does my home insurance cover?

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Your home in Charlotte, NC is probably your most important asset and your biggest investment. Your homeowner’s policy protects both you and your mortgage provider from losses that you would otherwise have to try to pay for out of pocket. At Jim Boyce Insurance, we understand how important it is to make sure that you have all the protection you will need if disaster strikes.

There are several kinds of events for which a regular homeowners policy will compensate owners. These include fire, smoke damage, lightning, explosions, tornadoes, and theft. Flooding is an example of an event not covered, but you can talk with your agent about purchasing a policy to protect against flooding if you are vulnerable to this risk.

As far as what will actually be covered, the list includes the house itself, the garage and any unattached structures like sheds on your property. However, there may be a limit to how much protection those outside structures have, and you may need additional protection for them. Even a boat or RV stored on your property will receive some protection.

Also protected will be the appliances and furniture in your home, and any decorations, rugs, and curtains. You can recover from your clothing, books and entertainment items, like a television and movies. Although your jewelry is protected, this is another area where you want to make sure you have enough coverage if you have rare or expensive items. Another area no one wants to think about is the coverage you will receive if someone is injured on your property.

The most important thing is to make sure you understand your policy and what it covers. If you want to make sure you have the best protection possible for your home in Charlotte, NC, call Jim Boyce Insurance to talk about your options today.

Does My NC Home Insurance Policy Cover Water, Wind and Hail Damage?

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Although inland, Charlotte and the larger Mecklenburg county are still affected by the strong thunderstorms and tornadoes spawned by Atlantic hurricanes. North Carolina home owner’s policies cover some common damage types from hurricanes and tropical storms, but not all. 

Water

Your home owner’s policy covers some water damage. It depends on how it occurs. These two examples illustrate the difference:

– If high winds tear a hole into your roof and water enters through it, a standard home owner’s policy covers the damage.
– If rising water from rain enters the home via seepage, only a flood insurance policy covers the damage.

Wind

In North Carolina, a standard home owner’s policy covers wind damage. Residents who have moved from Florida or coastal Texas can rejoice that they are no longer required to carry a separate wind insurance policy. If you own a home on a barrier island or the coast of NC, you may want to increase coverage.

Hail

Every year, hail causes about $1 billion in property and crop damage, states the National Oceanic and Atmospheric Administration. Despite its annual damages, in North Carolina, hail is covered by a standard home owner’s policy due to its unpredictable nature. Whether pea-sized or softball-sized hail hits your roof, it can cause damage. That ice pellet, after all, just did a more than 30,000 feet free fall at 70 miles per hour. 

Storm Ready

While you can add items like storm proof windows, storm doors, and a storm shelter to your home, you may still take on damage. Know what you can afford to spend on repairs. That should be the deciding factor for your deductible. Your deductible is the amount you must spend out-of-pocket on repairs before your policy’s coverage pays for anything. As one insurance expert explained, if your deductible is $1,000, but you don’t have that amount on hand in the bank, your deductible needs to be less.

Come by Jim Boyce Insurance of Charlotte, NC to review your home owner’s insurance coverage. We’ll help you make sure you can comfortably weather the east coast storm season.

5 Smart Reasons to Install a Home Security System

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In addition to protecting your home and family, installing a home security system could qualify you for a discount on your insurance premium. By discussing the benefits of a security system with your Jim Boyce Insurance agent in Charlotte, NC, you can decide if this is a viable option for you.  Here are just a few reasons to consider making this investment.

Personal Protection

A home security system can protect your family against thieves and intruders. A modern security system can alert you when intruders are on the property and dispatch authorities to your home for aid in stopping a burglary or intrusion.

Peace of Mind

As an elderly couple or single parent, you can have peace of mind that a security system will protect you from dangerous situations that arise. In the event of fire, intrusion or the risk of carbon monoxide poisoning, your security system will notify the authorities to dispatch help to your home immediately to provide a means of escape.

Protection of Valuables

In many cases, burglars will bypass a home that has security system protection. Security cameras and an alarm system are often sufficient deterrents to thieves and intruders, making them valuable assets in safeguarding your valuables.

Remote Access to Property

Modern security systems provide you with remote access to your property, even from thousands of miles away. You can personally monitor your home via your laptop or smartphone daily as well as activate or deactivate your alarm system to suit your need.  

Reduction of Homeowners Insurance

A home security system could qualify you for a discount on your home insurance coverage. Depending on the features of your system, you may be eligible for a 10-20% reduction in your insurance premium.

Learn more about how a security system can benefit your home coverage by contacting Jim Boyce Insurance, Charlotte, NC. 

Understanding Home Insurance in Charlotte

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Most people have vague understandings of their home insurance. They may know enough to call if their home is broken into, but not enough to know whether or not they should call if their cat destroyed the new plasma television. If you need more help in determining the nuances of home insurance in Charlotte, NC, then you’re not alone. Jim Boyce Insurance wants you to have a better idea of how your policy works in the real world. 

Home Insurance Is Up to You 

Home insurance is based on your particular lifestyle and history. It’s why you may pay a very different amount than the person living just next door. As a general rule, you should know that the less you pay, the less coverage you’ll have a variety of events. This is all about what you own and the specific risks you have. It means that to understand home insurance, you have to be willing to go over the details with a professional. So if a thief breaks in and steals your cash (a crime that will be extremely difficult to prove or correct because cash is untraceable),  you won’t have to worry about the loss of all that money. 

Finding A Partner 

If you’re looking to understand home insurance, then give us a call today. We’re here to put things in perspective for you. It means that we won’t encourage you to get maximum coverage if your home is filled with second-hand furniture. But we may also be able to point out things you hadn’t considered — like what to do if you’re sued for something you didn’t do on your property. Call Jim Boyce Insurance if you live in Charlotte, NC, and would like more information on you can protect yourself. 

The Home Insurance Claims Process

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Home insurance is something that every homeowner needs to have in place and making a claim is easier than you might imagine. For those that live in the Charlotte, NC area the agents with Jim Boyce Insurance can help answer all your questions and get your claim off to a great start and an even better finish.

The first step to any claim is to take some photos yourself. This does not mean get up on your roof and investigate or move things around, simply take photos of what you can see from your vantage point. Also, writing down what happened can help keep details fresh so that when the adjuster comes, you have a reliable account of events. Next, you need to contact your insurance agent or insurance company to start the claims process.

Your agent will ask you basic and involved questions so that they can get the most information possible before the adjuster ever even comes to your home. You will then set up a time for an adjuster to visit your home. They will talk with you about what happened and take an account. They will then investigate and look at the damage to assess what can be done. After they take photos of the damage and get an account of what happened, they will compile a report to return to the insurance agency.

The agency will then look at the findings of the report to determine how much money to pay out or what to do next. In most cases, the adjuster can give an estimate on how much work is going to cost or you can get a quote from an agency that is either approved by the agency or that you have found. This will then be taken into consideration for pay out. For those in the Charlotte, NC area, the agents with Jim Boyce Insurance can help.  

Protect Your Home as an Airbnb

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Home sharing has become a popular option for travelers looking for that cool tourist experience that allows them to stay just exactly where they want to and for homeowners who want to take advantage of this trend.

So, you have a beautiful home. One you’d like to share with others. You want a boost to your income. You make the decision to list it as an Airbnb. There are some things to consider putting into place to protect yourself, your home and your property.

The first step should be a call to your insurance agent for a discussion about what your homeowner’s policy covers in this situation. When you consistently use your home dwelling as an Airbnb, the use changes from residence to rental property. Depending on your insurer and the state you’re in, your homeowner’s policy may not protect you under these circumstances. 

Some policies have a provision that allows for a limited short-term rental of one four week period— say, you want to take advantage of the fact that the Super Bowl is happening down the street, so you put your home up as a rental. Beyond that, many policies have a “business activity exclusion” that would prevent using your home as a rental property for longer than that brief period.

If, however, you can’t resist the idea of using your home as an Airbnb, possible options for increased protection include:

  • Consider an add-on endorsement or rider that supplements your current policy. 
  • Look at getting a home business policy that provides much greater protection.
  • Check out whether a landlord or rental dwelling policy would apply.
  • See if you insurer offers a combination of a homeowner’s and short-term rental insurance policy.
  • Incorporate. Since your Airbnb is a business this might be a worthwhile choice.

If you’re going to open your doors to the world of home-sharing, be smart about it. Contact Jim Boyce Insurance, serving Charlotte, NC,