Home-Based Businesses and Home Insurance: Everything You Need to Know

Home-based businesses are on the rise, with more people turning their homes into hubs of entrepreneurial activity. If you’re one of these enterprising individuals, it’s essential to understand how your home-based business can impact your home insurance. Guy Hurley McNeil, providing home insurance to residents in the greater Rochester Hills, MI region, wants to help educate you on this topic.

Assess Your Current Coverage

The first step is to review your existing home insurance policy. Standard homeowners or renters insurance typically covers personal property but may not extend to business-related items or liabilities. Knowing what your current policy includes is crucial to identify any gaps in coverage.

Consider Business Endorsements

Consider adding business endorsements or riders to your policy to protect your home-based business. These specialized add-ons can broaden your coverage to include business equipment, inventory, and even liability related to your home-based business activities. Consult your insurer to discuss your specific needs.

Liability Protection

Running a business from home means interacting with clients or customers on your property. If someone gets injured during a business-related visit, your standard policy might not cover it. Liability protection is crucial in these situations. Discuss options with your insurer to ensure you have sufficient coverage.

The rise of home-based businesses is an exciting entrepreneurial shift, but it comes with insurance considerations. With the right insurance in place, you can confidently pursue your entrepreneurial dreams from the comfort of your own home. If you’re an entrepreneur who works out of your home, Guy Hurley McNeil can help you find the right home insurance policy for your needs in the greater Rochester Hills, MI region. Call us to obtain an estimate. 

What are my home insurance options?

Home insurance offers eight forms – five forms for houses, one for mobile homes, one for condos, and one for renters. This blog explains the differences between the home insurance forms, so clients of Guy Hurley McNeil can more easily decide which level of protection they want for their Rochester Hills, MI home.

Home Policies for Houses

Five forms of home insurance cover houses. Each offers a different amount of perils coverage, so you choose which best suits your situation. The options include:

  • HO-1 offers the most basic perils coverage of ten named perils. It protects your structure but doesn’t typically include personal property coverage.
  • HO-2 offers coverage for more perils, bringing the total up to sixteen perils. Some policies offer personal property coverage.
  • HO-3 offers all perils coverage, although many policies create an exception for earthquakes. All policies create an exception for floods. These policies cover structural and personal property damage and insure the home using replacement cost value.
  • HO-5 offers comprehensive coverage that extends to every peril except for floods. It covers the structure and its contents using replacement cost value.
  • HO-8 offers coverage for architecturally significant and historical homes. It only covers ten perils, the same ones included in an HO-1 policy.

If you don’t own a house but instead own a mobile home or a condo, home insurance provides tailor-made options for you.

Policies for Other Types of Domiciles

A condo policy, HO-6, covers the condo walls and everything inside them. It also protects your porch, patio, or balcony. An HO-7 policy protects your financial investment in a mobile home with a foundation and personal property.

If you rent an apartment, condo, or home, choose a HO-4 policy called renters insurance. It only covers your personal property.

Contact Guy Hurley McNeil Today

Call or email our insurance agency to purchase the insurance policy to protect your Rochester Hills, MI home. Let us help you insure your home so you ensure your financial security.

Home Insurance Coverage Options

Serving the Rochester Hills, MI area, the agents at the Guy Hurley McNeil insurance agency want you to learn about the different coverage options available for you to choose from when it comes to home insurance.

Your house may very well be the most significant investment you will ever make, so you will want to protect it with an adequate amount of home insurance.

What Does Home Insurance Cover?

Home insurance is designed to cover the structure of your home. This means if it is damaged by vandalism, a fire, or even a natural disaster, your home insurance policy will help you repair or rebuild your house. It can also help you pay for alternate housing while your home is being repaired. It will also help you to purchase new clothing, appliances, personal belongings, furniture, and other things that may have been damaged inside your home.

Home insurance can also cover any outbuildings on your property, including decks and garages. It will also help you replace stolen items if your home is burglarized.

If you have a mortgage loan that you are paying on that you used to purchase your house, there is an excellent chance that your lender already requires you to have an adequate amount of home insurance in place. Even if you do not owe money for your home, having a home insurance policy is an excellent idea because you never know when disaster will strike.

Contact Guy Hurley McNeil

The home insurance agents at Guy Hurley McNeil serving the Rochester Hills, MI area are here to serve you and all of your insurance needs. Call today to get your home insurance policy started!

How Can Home Insurance Protect Me from Lawsuits?

Home insurance can protect you against covered damage to your home, but did you know it may also protect you from lawsuits? If you’re in the market for home insurance in Rochester Hills, MI, or would like to upgrade your policy, the agents at Guy Hurley McNeil can help. You can also ask us about what type of home insurance provides legal protection. Keep reading to learn more!

What Is Home Insurance Liability Coverage?

Personal liability coverage is included in most home insurance policies. It handles the legal costs if you face a lawsuit due to personal injury or property damage due to events listed on your policy. On the other hand, if someone hurts themselves on your property, you could face serious legal bills if you don’t have liability coverage. 

Examples of Lawsuits Covered by Home Insurance

Accidents in the home are common causes of claims. If a visitor gets hurt while spending time on your property, you may have to pay medical expenses. Here are a few examples to consider when setting your policy limits:

  • Overserved guest: If someone drinks too much at your weekend mixer and then gets into an accident, they could sue you for damages. 
  • Trips and falls: Icy sidewalks or slippery floors can cause passersby or guests to slip or fall. Alternatively, someone could trip over a driveway crack. Without liability coverage, you could face serious financial obligations.
  • Pool or trampoline injuries: If the neighbor’s kids get hurt in your pool or on your trampoline, they can sue you for medical expenses.
  • Dog bites: Check your policy carefully for breed restrictions on this coverage.

We can help you protect your family against significant financial burdens with liability coverage baked into your policy. For more information on home insurance coverage in Rochester Hills, MI, contact the experienced staff at Guy Hurley McNeil.

Why Is the Home Insurance Provider Asking…?

When you are looking to obtain a new home insurance policy, the insurance company may ask several questions. When asked some of these questions, you may immediately understand why the insurance company is asking. However, there are other questions that you may be asked, and you may not understand why. At Guy Hurley McNeil, serving the Rochester Hills, MI area, one of our customers asked why their home insurance provider is asking how far away the nearest fire hydrant is from their home. Read along as we explain why an insurance company would be asking you, the homeowner, this question. 

How Far Away Is the Nearest Fire Hydrant?

While it may seem like a strange question, your home insurance company is asking how far away the nearest fire hydrant is to determine how quickly a fire department can start to douse your home if a fire happens. The closer you are to a hydrant, the faster firefighters can begin to put out the fire. This may minimize or limit the spread of the fire and, thus, limit or reduce the damage that the fire does to your home.

A home insurance company may ask specific questions to determine how much risk they are taking when insuring you. If you are in the market for a new home insurance policy in the greater Rochester Hills, MI area, Guy Hurley McNeil would love to help you get the insurance you need. We can also help answer any questions the insurance company may ask you. Reach out to us now to get started. 

Three things you need to know about home insurance reform

If you’re in the market for a home insurance policy in Rochester Hills, MI, you should research home insurance reform efforts that impact your policy options. Guy Hurley McNeil can answer your questions about home insurance and home insurance reform.

The following are three things you need to know about home insurance reform. 

Home insurance reform may bring down premium costs for consumers.

Home insurance reform may regulate the costs that insurance providers can charge property owners.

This ensures that home insurance stays affordable for property owners in the state or community where home insurance reform measures have been implemented. 

Home insurance reform may also reduce the number of lawsuits considered frivolous.

Frivolous lawsuits cost money and may push up the costs of home insurance. Certain home insurance reform measures may prevent frivolous lawsuits that cost both home insurance providers and consumers money. 

Home insurance reform efforts may also involve regulations regarding the financial reserves of home insurance providers.

Home insurance providers need adequate financial reserves to honor their policyholder’s file claims. Home insurance reform efforts can specify a certain amount of financial reserves that home insurance providers need to have in order to offer home insurance policies in a given area.  

Financial reserves make the policies offered by an insurance company more secure and ensure that a home insurance provider will have adequate funds available when a claim is filed. 

We can help you get answers to your questions about home insurance reform in Rochester Hills, MI. Contact us at Guy Hurley McNeil if you’d like to know more about meeting your home insurance needs. 

Home Insurance News from Around the United States.

According to researchers, Florida governor Ron DeSantis’s new home insurance reform bill could positively impact policyholders. The bill is said to bring more competition to the market and make it easier for consumers to shop around for the best rates.

The new bill will also make it easier for policyholders to file claims and get their claims paid out promptly. This is good news for Florida homeowners dealing with insurance companies that are slow to pay out on claims or deny claims altogether.

What Reforms Were Enacted?

The Florida Legislature passed a bill in 2022 that reformed how insurers can calculate premiums for homeowner’s insurance. The reforms aim to make premiums more fair and affordable for policyholders. Some of the key reforms that were enacted include:

  • No attorney fees for assignees
  • Adjustment of claims
  • Pre-suit notice before policyholders can file suit
  • No attorney fee multipliers

How Will These Reforms Impact Policyholders?

The most significant impact of these reforms will be felt by those paying higher than average premiums. Many of these policyholders may see their rates go down due to the reforms.

For example, if you have been paying higher than average premiums because you live in a high-risk area, you’ll no longer be penalized for that risk factor. Insurers can now use different risk factors when determining rates, which means your premium could go down.


The new home insurance reform bill in Florida could be good news for policyholders. The reforms enacted should make premiums more fair and affordable. They’ll also make it easier for policyholders to file claims and get their claims paid out on time.

If you’re a homeowner, contact Guy Hurley McNeil in Rochester Hills, MI, today to learn more about how home insurance can benefit you and to get a quote on a new policy. Our team is here to help you navigate the Michigan home insurance market changes so that you can make the best decision for your family.

What Michigan residents need to know about home insurance reform

If you live in the greater Rochester Hills, MI area, you may be wondering about home insurance reform. The team here at Guy Hurley McNeil is here to answer your questions and address the concerns that you may have. Give us a call or stop by today to learn more about our area’s home insurance options.

Home insurance reform

After the state passed auto insurance reform measures, many Michigan residents wondered if there would soon be changes coming to home insurance. As of the writing of this article, there have been no such measures taken. This is an area that many people are paying attention to, and there is no doubt that if it does become an issue, there will be plenty of press coverage. 

While we await home insurance reform, it is a great opportunity for residents to take a closer look at their current policies. Many home prices in our area have increased significantly in recent years, and it’s vital that your homeowner’s policy also keeps pace with those increases.

If it’s been a while since you’ve had a review of your insurance portfolio, now is a perfect time. Our insurance needs can change, and we often don’t address those changes immediately. If we wait too long to make adjustments, we may end up with gaps in our insurance protection. Why not take the time now to ensure that all of your ducks are in a row?

We are here for you!

The community of Rochester Hills, MI can count on Guy Hurley McNeil as its insurance resource. We are here for you, whatever you need! When it comes to insurance, you can count on us. Call or stop by our office today.

What Michigan residents need to know about home insurance reform

Rochester Hills, MI area residents may be familiar with all of the recent changes due to auto insurance reform. These policies were enacted in 2020 after being introduced in 2019. These reforms have gotten a lot of people wondering if other insurance reforms may occur in the future. The team at Guy Hurley McNeil is staying on top of the situation to keep our clients informed.

Home insurance reform

Presently, there are no home insurance reform measures in place. Of course, we all know that this can change in the future, but there is nothing active at this article’s publication.

If you are concerned about insurance reform and how it could impact you and your current policies, we are here to tell you not to worry. When it comes to governmental change, these things take time. You will surely hear about any attempts at reform long before they become enacted into law.

There is always a time for discussion after reform is introduced, and those talks usually receive a lot of attention. If you are worried, there’s no need to be, as any change that does occur will take time. And, even after reform is introduced, discussed, and becomes law, the changes will not be immediate. 

Any change voted into law will not be enacted until a future period, and the public will be given plenty of notice. 

Give us a call today!

Guy Hurley McNeil is here to provide the greater Rochester Hills, MI area with the insurance guidance it needs. If you have any questions or concerns about insurance, give us a call or stop by our office today. We are here to help you!

Is homeowner’s insurance reform relevant to MI residents?

Residents in the greater Rochester Hills, MI area may have heard some recent rumblings about home insurance reform. While this is not happening now, you can rely on Guy Hurley McNeil to pass on any pertinent information if these changes do occur.

Is home insurance reform happening in MI?

Some states are beginning to pass home insurance reforms. These changes are similar in nature to the auto insurance changes that went into effect in 2020. At this time, there is no homeowner insurance reform happening in Michigan. We advise all of our clients to keep in touch throughout the year. If you are speaking to your agent on a regular basis, likely at renewal time, you will stay informed of any relevant changes or reforms that may occur.

Our team prides itself on staying up-to-date on all of the insurance reforms and changes that affect our clients. If there is any reform that occurs in MI, it will likely take some time to pass the legislation. And, once the measures cross this hurdle, it would take some time for the measures to be enacted.

The short answer is that there are no reforms to home insurance happening right now in the state. This does not mean that these changes can’t happen in the future. Maintaining communication with your insurance agent can help you stay on top of the information that you need to know. Count on us for all of your insurance needs.

We are here to answer all of your insurance questions!

If you are a resident of Rochester Hills, MI or the surrounding area, you can count on Guy Hurley McNeil for all of your insurance needs. We are here to answer any questions that you may have. Give us a call today!