In Home Elder Care in California
Posted: Wed Mar 05, 2014 7:10 pm
Hello, any comments or feedback on the following are welcome.
Client currently has an HO3 only. She wants to add an elder care liability policy. I have to assume that her carrier is not aware that she has a full blown elder care business in her home.
I gave her a quote for the business as well as a dwelling/commercial building quote.
The elder care premium is fine. Expensive in her mind but less than $4,000 annual.
She is complaining about the home/dwelling/building premium.
1. I assume that there is not a carrier in the USA that would offer a traditional HO3 if the home is 90% used by an elder care business.
2. The comercial dwelling policy is not offering any personal property coverage. If her jewelry is stolen, she is out of luck.
What is the best way to offer elder care coverage and insure the home (also the location of the elder care business) and give the homeowner some coverage for personal property? Home title is in the name of husband and wife as individuals.
I am open to any creative solutions to this situation - Change the title on the home, put it in an LLC or trust, etc...
One idea that crossed my mind was to change the title and then offer them a rental policy for their personal property.
Thanks in advance for your help!
Client currently has an HO3 only. She wants to add an elder care liability policy. I have to assume that her carrier is not aware that she has a full blown elder care business in her home.
I gave her a quote for the business as well as a dwelling/commercial building quote.
The elder care premium is fine. Expensive in her mind but less than $4,000 annual.
She is complaining about the home/dwelling/building premium.
1. I assume that there is not a carrier in the USA that would offer a traditional HO3 if the home is 90% used by an elder care business.
2. The comercial dwelling policy is not offering any personal property coverage. If her jewelry is stolen, she is out of luck.
What is the best way to offer elder care coverage and insure the home (also the location of the elder care business) and give the homeowner some coverage for personal property? Home title is in the name of husband and wife as individuals.
I am open to any creative solutions to this situation - Change the title on the home, put it in an LLC or trust, etc...
One idea that crossed my mind was to change the title and then offer them a rental policy for their personal property.
Thanks in advance for your help!