Moon-Baker Agency

130 E Main St
Ada, OK 74820

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I have turned my residence into an office. Do I need to change my insurance coverage?

Running a business out of your residence can mean that you no longer have the coverage that you need for your property. If you turn your residence into an office, then it may be necessary to change insurance coverage to reflect the new risks associated with the space.

Business Liability

Unlike a personal property, a business property has a greater number of risks and possible problems that may arise. As a result, you need a greater amount of liability protection to ensure that your customers are as safe as possible and that you will not face financial challenges that ruin your company if a client is injured in an accident.

You will need to change your policy to reflect your concerns regarding liability. Depending on the type of business that you own, the coverage that you need may vary.

Adjustments to Property

Changing a private residence into an office space can mean that you made changes to the property that require adjustments to your property coverage. You may need to change insurance coverage to reflect the alterations to the property and structure so that you can feel confident that you have the appropriate coverage for a commercial property rather than a private residence.

An office has a different structure and design when compared to a private house. As a result, you may have different needs when it comes to protecting the building in case a fire or disaster occurs.

Altering your residence so that it is an office for your business means that your needs for coverage have changed. You will want to purchase a policy to reflect the changes to your property. Contact us to talk to an agent for more details about your options.

Our house, is in the joint name of my spouse and self. Do we have to take the policy in both our names or either of our names will do?

When your house is under your name and your spouse’s name, it can seem to complicate the home insurance that you want to purchase in Ada, OK. Although it is not necessary to purchase a policy under both of your names, it is usually recommended to avoid complications and ensure that both individuals are covered under the policy.

Reason for an Individual Policy

You can purchase a policy for your home that is only under one name as long as the other individual is mentioned in the plan and is identified as your spouse, but it is not always a necessity. Depending on your reason for considering a policy under only one name, it may or may not be an appropriate decision.

Generally, it is recommended that the policy be purchased jointly when the house is owned jointly to avoid any complications or confusion.

Getting a Policy

If you determine that it is better to purchase the plan under your name, then it is important to compare your options and narrow down the plans based on your needs. Keep in mind that you do need to inform the insurance provider that you are married and that the property is owned jointly with your spouse.

Since you are married, it may not be necessary to purchase two policies. Insurers may offer plans that are appropriate for co-ownership, even if your spouse does not purchase a separate policy.

A married couple can work around a variety of concerns, particularly when it comes to finding the right homeowner’s policy for a property that is owned jointly. Contact us to speak to an agent to learn more about protecting your property.