Difficulty Securing Homeowners Insurance Due to Home-Based Business
My husband and I operate a chiropractic office out of our home, which has its own separate entrance and is fully self-contained, ensuring no access to our living area.
This year, Liberty Mutual raised our premium to $10,000, prompting us to explore other options. I’ve found quotes around $2,700 for just the residential portion, but as soon as we mention the home-based business, we either get denied or receive quotes over $8,000 (even without a Business Owner’s Policy).
I’ve contacted several agents, and the experience has been frustrating. Some never follow up or completely vanish, while others have advised me not to mention the business, which doesn’t seem like a wise choice. The agents who do respond take over three weeks to provide quotes that are still far beyond our budget.
Although we maintain a separate business insurance policy, most homeowners insurance providers continue to decline coverage for us.
Has anyone faced a similar situation? Are there specific companies or strategies that could help us manage this issue? Any insights or advice would be greatly appreciated!
I’m really sorry to hear about the challenges you’re facing with homeowners insurance. It’s definitely a tough situation when you run a home-based business, especially in a field like chiropractic care that may come with higher risks from an insurer’s perspective. Here are a few suggestions that might help:
Find an Insurance Broker: Instead of working with multiple agents one at a time, consider finding an insurance broker who specializes in home-based businesses. They usually have access to a wider range of insurers and may know which companies are more favorable to your type of situation.
Look for Specialized Insurers: Some insurance companies specifically cater to home-based businesses or professionals like chiropractors. Research insurers that have a good reputation for insuring home-based businesses, and see if they offer any tailored packages.
Business Umbrella Insurance: Since you already have a separate business insurance policy, it might be worth looking into umbrella insurance. This could provide additional coverage over your existing policies and potentially make you more attractive to insurers.
Increase Your Deductible: If you haven’t already, consider adjusting your deductible. A higher deductible can often lower your premium, making it more affordable.
Home Office Deduction: Make sure you’ve documented your home office properly for tax purposes. This might help some insurers view your business as less risky and could assist you when discussing coverage options.
Network with Other Professionals: Reach out to other chiropractors or home-based professionals who might have navigated this issue. They may have recommendations for specific insurers or tips on how they managed to secure coverage.
Consider Coverage Adjustments: If you’re not using all the equipment in your office daily or if there are low-risk parts of your practice, see if adjusting the coverage can lead to better rates.
Ultimately, being upfront about the business is the best route, but finding the right insurance partner who understands your unique needs will be key. Good luck, and I hope you find a solution that works for you!