Most renters in Barre, Vermont are able to find at least one (if not several) personal policies, including renters insurance policies, that provide the insurance coverages they need. Tenants who have a home office, however, may not be able to find a renters policy that meets all of their needs. Here’s why.
Renters in Barre, Vermont Should Check Whether Their Renters Insurance Policy Covers Their Home Office
Renters Insurance Policies are Personal Policies
Most renters policies are personal properties. They typically provide several coverages, such as personal property coverage and liability coverage. Renters policies generally limit these protections to a policyholder’s (and often they’re family’s) personal assets. For example, a policy may cover a policyholder’s personal possessions and accidents that occur in the space they rent to live in -- but it might not cover anything that the tenant uses exclusively for work.
The majority of people who rent an apartment, townhome or house in Barre only need personal insurance coverage. Most tenants don’t own their own business and, therefore, don’t have to worry about getting insurance coverage for business-related items. For tenants who do own a business, though, renters insurance often doesn’t provide all the coverages they need it to.
Renters Policies May Not Cover Barre, VT Tenants’ Home Offices
Specifically, tenants who have a home office in their apartment, townhome or house might need an additional insurance policy to cover their home office. Even if it’s inside a rented apartment, a dedicated home office is often technically a business space. As a business space, it may not be covered by a personal renters policy.
Renters who aren’t sure whether space in their apartment that’s used for work would be considered a business or personal space have two ways to check.
First, renters should consider whether they claim the space as a dedicated home office when they file their taxes. The IRS has specific requirements that determine what they consider a home office to be. While there may be a few exceptions, most spaces that meet the IRS’ definition of a home office will also be treated as a home office by insurance companies.
Second, renters who don’t take the home office deduction can contact their insurance agent. Their agent will be able to review how the space is used to help determine whether it’s a personal, business or multi-use area.
Renters with Home Offices Should Check Their Coverage
Renters who have a space that their insurer considers a home office can also contact their agent to find coverage for the space and items in it. A licensed agent can first check to see whether their renters policy will cover their home office (a select few policies might). Assuming it doesn’t, an agent can help a renter find an add-on coverage or additional policy that will provide the necessary coverage.
If you rent a place in Vermont, and want help either determining whether your insurer will classify part of your unit as a home office or whether they’ll cover a space that you know is a home office, contact your renters insurance agent. They’ll be able to help you. If you don’t have an insurance agent, call one of the independent agents who serve the area.
If you are looking for assistance finding an apartment to rent in Barre, VT, we recommend contacting Stone & Browning Property Management. They are a trusted company within the local community and can help you find a new living area for a great price!