Insurance

[Erinn W]

So I have contacted my insurance company and I am a tad confused..What insurance do I NEED to open my home daycare for 3 children other than my own 2....? and what does it cover when they say I will pay a minimum of $1100 a year to run out of my home? Thanks!

[Inspired by Reggio]

What province are you in?

In Ontario it is called a Home Childcare Ryder on your existent home owners insurance ... mine costs me less than $150 a year for max of 5 children in attendance.

If you do not already have standard homeowners than that $1100 might me reasonable for both homeowners insurance and the home Childcare Ryder?

[Inspired by Reggio]

BTW - the home Childcare Ryder provides additional million liability insurance per child and mine covers 50,000 in replacement cost of business supplies and so much a month - think it was 500 but not sure cause I'd never use it - for relocation expenses should something cause me to not be a me to do business in my home.

[BlueRose]

I pay $30/child up to 5 children plus my own for the year. Your insurance people are either confused or trying to rip up off. i would call and talk to them again.

[Erinn W]

Thanks, this didn't sound right to me..I am in Ontario, so the insurance I would need is "A home childcare ryder"? Thanks guys

[Monday 2 Friday Mama]

Hi Erinn, to some extent the answer will depend on your insurance provider. I'm in Ontario as well. When I was with Allstate, my annual homeowners rates only changed by about ten dollars per year. (I told them I was running a home daycare and I voluntarily increased my liability to 3 million; as long as I was caring for no more than three daycare kids, my home daycare was covered) When I wanted to expand my business, I had to transfer my home insurance to State Farm - Allstate wouldn't cover me for a daycare where I was caring for more than three children. My agent (from State Farm) came out to take a look at my daycare - it allowed her to verify the information I had given her regarding the square footage of my home, and she helped me to decide what an appropriate amount of flood damage coverage was (since my daycare nap time room is in the basement) All said and done I pay a little bit more than I would for regular homeowners insurance, but it's not a lot more; and since I can write off a portion of my insurance on my taxes I don't really sweat it. If it were me, I'd get some quotes from a few different insurance providers and go from there. =)

[playfelt]

Remember when doing taxes that the basic home insurance is a portion but the entire extra you pay for the daycare is 100% write off.

State Farm and Cooperators will cover up to 5 daycare children and worth considering in the event you wanted to increase your numbers even occassionally. Most will only cover 3 and make sure it says additional children as in not including your own who don't need the daycare coverage.

[Inspired by Reggio]

Remember when doing taxes that the basic home insurance is a portion but the entire extra you pay for the daycare is 100% write off....

Yes this is important for sure ... my policy clearly indicates how much per year is for the 'home childcare ryder' so I know how much I can write off 100% and than I write off the 'shared use of home equation' for the remaining portion because you have to have that in order to get the 'ryder'.


... Most will only cover 3 and make sure it says additional children as in not including your own who don't need the daycare coverage...

Yes ~ this is very important for covering your ass that it clearly states 5 daycare children in addition to your own because even within State Farm and Cooperators who do cover '5 children' there has been agents who have told providers that includes their own ~ my own included although it is not an issue because my own are over 10 and not IN the daycare but than others who've said no it does not count your own ~ so I would not rely on any ones WORD I would want it clearly written on my policy if I had children under the age of 10 in the home while I was working because if you ever need to use your policy due to an accident or injury and incident records from fire, police or ambulance indicate there were 8 children in attendance with 3 of them being your own at the time of the incident it would suck to have them say 'oh sorry but as your policy states coverage is only for 5 children in attendance and you had more than that at the time of this incident therefore were in violation of your policy and not being covered' .... I do not trust insurance companies because every time I have truly needed them they have fought to provide my the coverage I had been paying for ~ specially if you ever need coverage for time off work due to illness or injury that is the WORSE to be deny deny deny :(

[momofnerds]

what happens if you have a pool, the guy from allstate wouldn't even give us a quote.

[Fearlessbaby]

What if you rent the house?

[Blamoms12]

Does anyone deal with belair?

[playfelt]

What if you rent the house?

First you will need to make your landlord aware that you plan to run the business from the home and they will need to agree to it. The insurance you get is for liability so it will cover you whether you rent or own. Some places do ask that you have your home and auto insurance with them too so for a renter you would have renters insurance which is just on your belongings and not the house itself.

[apples and bananas]

What if you rent the house?

I rent and I pay about the same as reggio. It's a ryder on my renters insurance.