The new norm for real estate professionals may be working from a home office.
The post-COVID-19 real estate office may end up being your home. How do you protect yourself and your property when you no longer have a real estate office to go to regularly? Here are some ideas: SEPARATE BUSINESS EQUIPMENT FROM YOUR PERSONAL ELECTRONICS. If you’re doing work on a personal computer for business use and have a theft or loss, there may be limits on personal property coverage. ENROLL IN A COMPREHENSIVE HOMEOWNER’S INSURANCE PLAN. The home office coverage limit of many plans may not cover the range of equipment you’re using. Do an inventory of personal items like laptops, monitors, printers and voice headsets to make sure your coverage limit lines up with what your stuff is worth. REQUEST AN INCREASE IN YOUR PERSONAL HOME OFFICE LIMIT (IF YOU NEED IT). The average homeowner’s policy in the U.S. has a $2,000 limit for home office equipment. As more people have office setups at home, you’ll want a home office limit that starts at $8,000 and can go higher if necessary. One thing that may warrant higher limits is if you store business inventory, your company’s products or materials at your home. Check with your brokerage to make sure you’re covered before you take personal responsibility. ADAPTING TO A NEW WORK ENVIRONMENT TAKES TIME. Think through the different scenarios that could lead to physical harm or injury, such as loose electrical cords or leaving the stove on when you have the ability to cook lunch instead of buying it. Finally, know your home’s limits. Energy costs may go up when you are home. Try offsetting the power and energy usage throughout the entire day with some energy saving devices and LED lights.
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