Does Home Insurance Cover an Art Studio?
Today, there are different types of insurance policies provided to save in GA and other cities. There is insurance for your phone, your car, and home. Insurance can be paid one-time or on a monthly basis. While not required, they can be beneficial when the need arises. However, do insurance policies cover everything, including your art studio? For those artists who have a studio at the moment, would it be possible for you to ensure your art studio the same as you ensure your property?
Understanding the Liability
Homeowners, condo owners, and renters usually find home insurance as a helpful addition. But, if your hobby is making art and thought about making an art studio, you might rethink and consider your insurance coverage this time.
Understanding the scenario means that the liability of the insurance could be changed from personal to commercial. Also, if you think that making art is just a hobby, then you should be covered by that. However, if it means your art studio is for business, then your current home insurance might not be good for your future endeavors.
There are different kinds of insurance, one of which is business insurance. Because business belongs to a special class of insurance, most homeowners do not include business insurance in their coverage. Business insurance comes in varied forms, depending on its purpose, which sometimes can become very complex. That’s why some agents exclude this when selling to homeowners, so don’t hesitate to ask about this, especially when you’re turning your art studio into a business.
How to Know if Business Insurance is Included
The first thing to do is to talk to an agent. If the place you’re currently living is for business-related property, consider to get a hard copy and ask questions to the agent to know your coverage before or after making an art studio.
If your homeowner’s insurance told you that your studio is part of the home insurance, be sure to get a digital copy of the policy and look for the word “business.” Also, read the policies that may be included in the coverage.
What to Do?
- It is always better to review your insurance policy every year to know the status of it and to check if the business endorsement is still there. If there are any changes, your agent should inform you.
- Let your agent understand the purpose of your insurance. Be sure to know if there are any problems to avoid the loss of your business and property.
- If you plan to expand your art studio, review your policy to avoid implications.
- Know the insurance exclusion for natural calamities.
- Always ask questions your agent questions if you have any problems along the way.
At the end of the day, your purpose is to keep your property and art studio protected. So, whether you’re making an art studio for business or for your hobby, always do your research first before the construction. In this way, you’re aware of the coverage offered and so that you won’t be wasting resources and money in the long run. With the tips above, you’ll definitely be guided.