Having counseled aspiring innkeepers for close to 20 years now, I am still amazed at the number of people who think that homeowner’s insurance is sufficient to cover their B&B business. And worse yet, there are still agents out there who tell their clients they can cover the B&B in question! The moment you take money from someone so they can stay at your inn, your homeowner’s insurance is voided. Homeowner’s insurance doesn’t cover commercial applications. Don’t even waste your time getting homeowner’s insurance quotes.
That’s not to say you don’t want a homeowner’s insurance policy — for your personal home and belongings — but the line is drawn where the guests start using the building and grounds. For your home and belongings, shop around. Get a homeowners insurance quote from your agent and explore an online homeowners insurance quote. Shop with reputable homeowners insurance companies, avoiding discount homeowner’s insurance companies and those that give homeowner’s insurance instant quotes, because you want to get full attention and coverage on your home.
Cheap homeowners insurance may be comfortable while you make your annual payments, but it loses its charm when you have to file a claim. Look for the best homeowners insurance rates and the best cheapest homeowners insurance, but do it with the best insurance agency you can find. The best homeowners insurance isn’t necessarily the cheapest homeowners insurance, but it will give you the coverage you deserve.
Even consider getting your homeowner’s insurance at the same company with the same carrier as your B&B business insurance so that there are no gaps and that you aren’t paying for duplicate coverage that can’t be paid in case of a claim. And when you shop for any insurance, get the homeowners insurance quotations in writing so you can compare more carefully and so you can read the fine print. Don’t get caught off guard by not being covered on something you thought you were covered on.
Buy homeowner’s insurance for your personal space and belongings, but don’t count on it covering your business. Your B&B needs its own insurance policy and coverage.