While many contractors purchase at least some of the equipment they use, there are situations when it makes sense for a contractor to rent or lease equipment instead of buying it. For instance, renting equipment can help reduce startup costs so new contractors can invest their capital towards other uses. Additionally, both new and established contractors sometimes need a specialized piece of equipment for a one-off project, and renting it is much less expensive than purchasing the equipment. Whatever a contractor's reason for renting equipment is, any contractor that rents or leases equipment should make sure their contractors insurance policy covers the rented equipment.

In-law apartments provide independence while maintaining a close proximity. In doing so, they sometimes blur the lines between immediate and extended family -- especially from an insurance perspective. If you have a home in New Haven, Vermont, and your parents live in an in-law apartment attached to your house, your homeowners insurance policy might provide coverage for them and their belongings.