Insurance Blog

15 Essential Things You Should Know About Your New House

Moving into a new house is an exciting time. But it can also come with a steep learning curve.

From the moment you get the keys, you’ll start to discover what makes your home unique – including the many systems that make it function.

As you familiarize yourself with the ins and outs of a new space, it helps to start with the basics. Because, let’s be honest: The best time to find your water shut-off valve is before your first leak – not after.

Here are 15 essential things you should know about in your new house:

Electric panels. Knowing the location of your home’s electric box will quickly pay off the first time you trip a breaker. Typically, electric panels are located in a basement, garage or utility closet. After finding them, familiarize yourself with the design of your breaker box. Know how to turn off the main circuit, as well as individual breakers. If the breakers aren’t labeled, take some time to turn each circuit off and correctly label the areas of your home they power.
Water shut-off valve. Whether you need to replace a leaky faucet or prevent a burst pipe from flooding your home, it’s important to know how to quickly turn off the water supply. To do this, you’ll need to locate the shut-off valve connected to the main water line entering your home. If your home has a basement, check for the shut-off along one of the outside walls. If your home does not have a basement, check for the water shut-off at ground level near your hot water tank. After you find it, make sure everyone in your home knows where the shut-off is located in case of a plumbing emergency.

Because things like sewer and drain backup or flooding can happen at any time and can be expensive, consider adding Extended Water coverage¹ from Erie Insurance. It protects you if you have damage from floods caused by natural disasters, along with other causes of loss such as water backup from sewers or drains. With Extended Water, you’ll have coverage for direct physical loss to your home, garage or other structures, and personal property that’s been damaged as the result of an extended water event.
Gas shut-off valve. Depending on your home’s configuration, a number of appliances may be fueled by natural gas – including your water heater, fireplace, furnace, oven, dryer and more. Local building codes typically require that every natural gas fixture has its own shut-off valve. But in case of a gas leak, you should also know how to turn off the main gas supply in your home. In most cases, your main gas shut-off valve will be located outside the home near the gas meter (it may also require the use of a wrench). And remember: natural gas leaks can be deadly. So if you suspect a gas leak in your home, call 911 and evacuate the area immediately.
Dryer vent. Did you know that clothes dryers cause roughly 15,500 home structure fires, 29 deaths, 400 injuries and $192 million in direct property loss each year? To help protect your home from dryer fires, make sure you clean the lint from your dryer – and dryer vent – regularly. To clean your dryer vent, start by locating the point where it exits the house. This will likely be on an outside wall near your laundry room. But depending on your home’s design, the dryer could also vent through the roof. Then, use a dryer vent cleaning kit (available at any home improvement store) to remove any trapped lint. And make sure the vent isn’t obstructed from the outside.
Sewer or septic lines. Nobody likes thinking about the wastewater system in their home. But if you ever experience a major plumbing issue, it helps to know where the key components of your sewer or septic system are located. If your home is connected to a city sewer system, find where your main sewer line exits the home and check for a cleanout valve. If you have an older home and the sewer cleanout isn’t serviceable, consider getting it replaced as preventative maintenance. For septic systems, you’ll also want to know where your tank access points are located, as well as any inspection ports.
Well location. If your home isn’t connected to a city water supply, make sure you know the location of your well. Depending on your home’s design, the well may be located indoors in a crawlspace or basement. If you can’t find it inside, look for signs of a well cap, casing or pit in your yard. Knowing the location and general design of your well system can help expedite repairs if part of your system begins to leak or fail.
Meter locations. To measure your home’s gas, electric and water use, each utility service will have its own meter. After locating these meters, be sure to keep the area around them clear and easily accessible.

Furnace filters. A clean furnace filter not only improves the air quality of your home – it also helps your furnace run more efficiently. Depending on the design of your furnace, experts recommend replacing the filter every 30 to 90 days. Note the location and size of your furnace filters, then pick up a few replacements to have on hand. We put together a helpful article addressing all of your furnace filter questions also.

Crawlspace and attic access. Every attic and crawlspace is different. Some may provide access to utilities and appliances, while others are just empty space. Either way, it helps to know how you can gain access to each area of your home – just in case. It’s also helpful if you hear little feet running around up there and need to check your attic for squirrels.
Sprinkler system. Does your new home have a sprinkler or irrigation system? If so, take the time to understand how it works. This includes learning how to set the timers, shut off the system and winterize the pipes to prevent freeze damage.
Smoke alarms. Ensure that you have at least one smoke alarm on every level of your home. Then test them regularly to confirm the batteries work. You may also want to check the expiration date (smoke detectors should be replaced every 10 years). If you have young children, let them hear the sound of an alarm in advance. This will help them recognize the sound during an actual emergency.
Property lines. After you buy a new home, familiarize yourself with its exact property lines. You can do this by using a metal detector to find the stakes buried at your property lines, or get a surveyor to mark the lines for you. Not only will this help you decide where to install your fence or landscaping, it can also prevent potential property disputes from your neighbors.

Sump pump. Failing sump pumps are a notorious cause of home flooding. To ensure your sump pump is working properly, test it a few times each year. You can do this by pouring water into the sump pit until the pump kicks on. To protect against damage caused by a failing sump pump, you may also want to consider adding an ErieSecure Home® bundle to your homeowners insurance policy. Our Plus and Select bundles give you the option to add Sewer or Drain Backup coverage², which covers losses caused by water that overflows from a sump pump.
Gutters and downspouts. Poor drainage can be a common cause for wet basements. Help direct rainwater away from your home’s foundation by inspecting your gutters and downspouts. Make sure the gutters are clear and test any underground drains with a garden hose to check for clogs. If water starts backing up, you’ll want to clear the lines or redirect your downspouts away from the home. Regularly inspecting your home can also help prevent heavy rain from doing a number on it when it hits.

Fireplace. If your home has a gas or wood-burning fireplace, familiarize yourself with how it’s designed. Learn how to operate the damper (it should be open when using the fireplace and closed at all other times). The Chimney Safety Institute of America also recommends that your chimney is inspected once a year to protect against risks associated with fire and carbon monoxide.

Looking After You

Home owning has many rewards, but it also involves its share of demand. As an Erie Insurance customer you can rest assured – knowing that while you’re looking out for your home, we'll be looking out for you.

To learn more about home insurance from ERIE, contact a local insurance agent in your neighborhood today.

ERIE® insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York). The companies within the Erie Insurance Group are not licensed to operate in all states. Refer to the company licensure and states of operation information.

The insurance products and rates, if applicable, described in this blog are in effect as of July 2022 and may be changed at any time.

Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions.

The insurance products and services described in this blog are not offered in all states. ERIE life insurance and annuity products are not available in New York. ERIE Medicare supplement products are not available in the District of Columbia or New York. ERIE long term care products are not available in the District of Columbia and New York.

Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.

Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.

Posted on 27 March 2023 | 9:00 pm

Paperless at ERIE: Your Options and How to Enroll

Paper has a way of piling up, so why not try going paperless?

For most Erie Insurance personal lines customers*, your online account and the ERIE mobile app can help you go green and reduce your carbon footprint. Now, there’s another option at your fingertips: paperless billing. Here’s how (and why!) to sign up.

Why Make the Switch?

In 2019, the United States Postal Service delivered more than 142 billion pieces of mail. That adds up to more than 34 million trees (and let’s not even get into the gallons of gas burned to deliver).

As an ERIE customer, you can opt in for paperless billing, which eliminates the paper invoice you currently receive. You’ll get an email notifying you when your bill is due with a link to the actual invoice.

Say goodbye to stacks of paper on your desk. There are many benefits to turning your paper invoices digital.

It helps the environment. Fewer paper statements lessen the demand for trees and lower air pollution made during paper production.
Access your information anytime, anywhere. Paperless means you can check your invoices at your desk or on vacation. A quick click and you can view your invoice history and pay your bill.
It’s a time saver. No more sorting, printing, recycling, mailing or filing your insurance bill. It’s easy to document things digitally.
You can conquer the clutter. Whether you have a top-notch filing system or a shoebox filled with essential documents, going paperless can free up some space.

How to Sign Up for Paperless Billing with ERIE

Through your online account or ERIE’s mobile app, go to Settings and turn on the new paperless billing option.

Don’t have an online account? No problem; it’s easy to register. Your online account offers immediate access to details about your ERIE policy. Plus, you can pay your bill, access your insurance ID card (not available in New York), check your claim status and contact your ERIE agent.

How Will I Get Notified of My Invoice?

Check your email. ERIE will send a message to the email address associated with your online account. The email will include a link to your invoice.

Can I Opt Out of Receiving More Paper Documents?

Yes, you can. ERIE now offers the option to enroll in paperless documents for personal lines customers (auto, home and umbrella) who have an online account. So what does this mean for you? No more “stacks” of paper at home when your policy renews or is amended. You’ll receive an email notification when a new document is available to view in your online account. It’s also convenient since you can access your policy documents whenever you need them.

If you’re ready to make the switch, you can do so via your online account or ERIE mobile app. To opt into paperless documents, go to the Settings tab in your online account.

Go Paperless with ERIE

Not ready to go paperless? Don’t worry! We aren’t removing paper altogether. But if you need another way to go green, be sure to set up your online account or download the ERIE mobile app to begin digitizing your paper bills.

If you have questions on paperless billing, check in with your local ERIE agent.

*Commercial, ERIE Family Life, annuity or disability income policies, policies on account billing and policies paid via ESCROW are not available for paperless billing.

The insurance products and rates, if applicable, described in this blog are in effect as of July 2022 and may be changed at any time.

Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions.

Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.

Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.

Posted on 22 March 2023 | 9:00 pm

Helping Your Home Recover from Winter

There’s a sense of deep pride that comes with being a homeowner. But with that satisfaction comes its share of weekend home improvement projects and upkeep, too.

Winter is usually rough on your home. Once snow, ice, wind and freezing temperatures calm down, spring is a good time to check how your home withstood the season. When spring arrives, here’s a list of projects to help your home recover from winter. You can download our checklist here.

Spring Home Maintenance Checklist

Have your roof inspected. This is especially important if you notice any leaks or loose shingles or metal. The freezing and thawing that was so common this past winter can create big splits out of small cracks. Read this to check if you have the right insurance coverage to protect your roof.
Fix any ceiling stains. Your ceiling may have a yellow or brown stain if your roof has a leak. If so, first fix the leak before sealing the stain with a sealer/primer then apply a coat or two of paint. Moisture problems can lead to mold or mildew build-up, so fix them quickly before you have a bigger problem on your hands.
Inspect windows and doors. Things to look for on doors include bent or broken hinges, frames or edges. Depending on the extent of the damage, you can either repair or replace the door. Also, check screens for holes before you swap out your storm panels.
Consider resealing your driveway. A lot of water seeps into driveways during the winter, which can create cracks when it freezes then thaws. If you notice a lot of cracks, consider having it resealed to prevent further cracking.
Seal your deck every few years. If your deck is looking worn-down, have it pressure washed and resealed. Check your deck for loose railings, splintering boards and any loose nails. If you plan to hire a professional to repair and update your deck, use our checklist to hiring the right contactor.
Check your fence(s). Repair or replace any loose slats or rot on your fences. Use epoxy to patch up any worn wood. Use these tips for larger fence renovations.
Clean gutters and downspouts. Leaves can weigh things down while ice dams can bend and break gutters. Grab a pair of gloves, a sturdy ladder and a trowel to clear any leaves and debris out. Call a professional if you’re not comfortable doing this on your own. Want more tips? Check out this post on how to clean your gutters.
Check for ice dams. If you’re dealing with an ice dam and want to try a DIY approach, first remove snow with a long-handled aluminum roof rake. Then fill a pair of pantyhose with calcium chloride ice melter and hang it from your roof so it crosses the ice dam and hangs off the gutter. If that doesn’t melt the ice dam, call a pro—you don’t want to be up on your roof during icy conditions. Learn more in this post on what to know about ice dams .
Apply caulk to leak-prone areas. Expansion and contraction can cause openings that will let April rains seep in. Seal it up by applying exterior caulk to leak-prone areas like windows and areas of the siding where walls join together.
Inspect outside faucets and hoses. Turn them on to ensure water is still running as it should; if you can stop the flow with your thumb, the water pressure may be too low and a pipe inside your home may need to be fixed.
Look for frost heave. Take a look at your home's foundation for cracked, tilted or displaced concrete floor slabs. After winter, a frost heave could cause your home's foundation to shift. Use these tips to spot and prevent frost heave damage.

Spring Yard Maintenance Checklist

Your yard goes dormant throughout the winter, and the cold temperatures can seriously wear it down. Help your yard recover from winter with these tips.

Check for damaged patches of lawn. Salt, plows and disease can do a number on your grass, so use a metal rake to remove any dead or damaged patches.
Don’t mow too early. Grass needs a chance to reestablish itself, so let it grow reasonably tall before mowing. For the first mow, use the high setting to keep the grass strong. Be sure to take a walk through your lawn beforehand as well, and clean up any branches or debris that blew into your yard during the winter storms.
Overseed your lawn. Overseeding is the process of planting grass seeds directly into the existing turf. This leads to denser grass with more color variation. Though best done in the fall, you can still get great results by overseeding in the spring. Slit-seeder machines can do the work for you; ask a home supply store specialist for help choosing one.
Switch to a new grass alternative. If you’ve been debating abandoning the traditional grass lawn for something with less maintenance and a littler greener, spring and fall are typically the best times to start. Read more about grass lawn alternatives and how to make the switch.
Prune trees and shrubs. Using a pruner, trim trees and shrubs back to their live stems. (For any branches thicker than ½ inch, use a handsaw.)
Clean up the area around plants. Rake up any leaves, uproot any dead annuals and remove existing mulch a little at a time as the temperatures warm. (Wait until the soil warms up in mid- to late-spring before applying a new layer of mulch. If you put it down too early, it will slow the warming process.) While in your garden, cut back flowering perennials to a height of four or five inches to allow space for new growth.
Restore your walkway. Rake any errant gravel back into place. If you have flagstones, fill new sand or stone dust into the cracks.

Make sure you take a look at how to help your car recover from winter, too.

Protect Your Home with Homeowners Insurance You Can Trust

You work hard to invest in your home. At ERIE, we get the emotional and financial importance of your biggest investment – which is why our homeowners insurance goes the distance.

Ask a local ERIE agent about homeowners insurance with 100% Guaranteed Replacement Cost.¹ Unlike an actual cash value policy that subtracts for wear and tear and depreciation, Guaranteed Replacement Cost covers the cost to rebuild at current construction costs, especially with the cost of materials continuing to rise.

Learn more about what makes our homeowners coverage different, or find a local ERIE agent to request a quote.

¹Guaranteed Replacement Cost applies to covered losses and requires home improvements over $5,000 to be reported within 90 days—not available with all policies and in all states. Coverage of costs to comply with laws or ordinances is subject to limits. Depreciation will be deducted until repair or replacement is completed. Talk to your ERIE agent for more information.

The insurance products and rates, if applicable, described in this blog are in effect as of July 2022 and may be changed at any time.

Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions.

Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.

Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.

Posted on 14 March 2023 | 9:00 pm

What to Know About ERIE's Extended Water Coverage

What would you be most concerned about losing in a flood? It's different between men and women (of course).

We can’t say it enough: If it can rain (or snow), it can flood. Flooding can happen in a matter of minutes, or it may creep up slowly, but either way it can cause massive amounts of damage. Typically, nature handles excess water by sweeping it away into streams, lakes and rivers or just absorbing it into the ground. But we all know Mother Nature can be fickle, so when she opens the floodgates, it can be detrimental to your home, property and all your belongings.

Unfortunately, most people don't know that their homeowners policy doesn’t cover flooding. What's more, they usually don’t discover that until after a costly loss. Floods are the most expensive and destructive natural disaster in the United States, according to FEMA, and can occur in every state. At Erie Insurance, we’re here to bring you peace of mind, which is why we’ve introduced our Extended Water coverage.

What is Extended Water Coverage?

ERIE’s Extended Water coverage¹ provides protection for your home in the event of a sewer or drain backup, or from flooding such as inland flooding, tidal water, storm surge or mudflow and mudslide. This endorsement can be added to your ErieSecure Home^® policy (or bundle) and offers protection for your home, garage or other structures and personal property^²— including that stuff you’ve stored in your basement. To avoid losing valuables, make sure you know what not to store in your basement, because there are some things even we can’t replace!

Floods are devastating, they can damage homes both above and below ground, as well as displace families for extended periods of time. Extended Water coverage is designed to help cover things like:

Basements and other rooms
Water backups from sewers and drains
Repair and replacement costs for your home and personal property^³
Flood avoidance reimbursement (up to $10,000)^⁴
Temporary relocation costs, like a hotel or short-term rental^⁵

But Why Do I Need Extended Water?

As we’ve mentioned, flooding can happen anywhere, to anyone. Yet your typical homeowners policy doesn't cover it and only a staggering 4% of homeowners actually have flood coverage — as estimated by Milliman, an independent risk management, benefits and technology firm.

Sadly, many people assume since they aren’t in a high-risk area it’s not a needed coverage. But did you know that over 25% of flood claims come from individuals living outside high-risk zones? What’s even more earth shattering is just a single inch of water in a home is estimated to cost over $25,000 in repairs. Quite a hefty bill for such a small amount of water.

With the help of Harris Poll, ERIE conducted a national poll to see just how much water people thought was needed to necessitate replacing baseboards and drywall. In the poll, 53% of survey participants stated 5 inches or more would be needed. Sadly, the truth is only 3 inches of water can destroy baseboards and drywall. The cost flooding and other water damage brings to families can be a major financial strain that can hang over people for years. Our Extended Water coverage is here to ease uncertainties and ensure that in the event of a flood, we’ll be right there to get you back on your feet.

A Little Preparedness Goes a Long Way

Let’s say you live in a new development near a stream. After a few days of steady rain, you become concerned about the rising water and buy sandbags to place around the basement door. The stream floods the neighborhood and still makes its way into your home, despite your attempt to avoid it. Extended Water would provide coverage for the sandbags^⁴ plus damage to your home and contents.^³

If you’re expecting a large flood or storm to come through the area, we highly encourage you take some flood safety steps to help protect yourself and your family. As always, your safety is the top priority, and in the event of a flooding disaster, rest easy knowing we’ll be there. Ensure you protect your house — above and below ground — and make sure your coverage is up to date by reaching out to your local ERIE agent today!

The insurance products and rates, if applicable, described in this blog are in effect as of July 2022 and may be changed at any time.

Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions.

Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.

Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.

Posted on 13 March 2023 | 9:00 pm

The Pros and Cons of Crowdfunding: Is It Right for Your Business?

As a business owner, you’re undoubtedly familiar with the old adage, “it takes money to make money.” It’s a fact that rings true for any new venture. Whether you’re looking to launch a startup, expand your existing service offering or add a second location, it requires an upfront financial investment.

Traditionally, most entrepreneurs have had only a few options for funding their business. They can self-fund their efforts out of their own pocket, raise money from investors or turn to a bank for a small business loan.

But over the past decade, the rapid growth of the internet and social media has paved the way for a new way to raise capital: crowdfunding.

You’ve likely heard stories of successful companies that got their start on popular crowdfunding platforms like Kickstarter or Indiegogo. But is crowdfunding the right fundraising choice for your business? Read on to find out.

What is Crowdfunding?

As its name suggests, crowdfunding involves raising money from a large group of people – called crowdfunders. Unlike a traditional investor, each crowdfunder typically makes a small investment in your business. But when all those contributions are combined, they can add up to a sizable amount of capital.

According to the crowdfunding site Fundly, about $34 billion was raised through crowdfunding platforms globally in 2020. And that number is predicted to triple by 2025!

What Types of Crowdfunding Are Available for Businesses?

While the basic definition of crowdfunding can be applied across the board, crowdfunding platforms differ on how their deals are structured. If you’re considering a crowdfunding campaign for your business, there are four basic types to consider.

Debt crowdfunding. This type of crowdfunding functions like a traditional business loan. Your campaign will raise money from individuals, with the expectation that you’ll pay back their investment. Some nonprofit funding platforms, like Kiva, focus on providing interest-free loans for worthy causes. Other debt crowdfunding platforms, also called peer-to-peer lending sites, require you to pay back crowdfunders based on a set repayment schedule and interest rate.
Equity crowdfunding. If you’re looking for a cash investment that doesn’t need to be repaid, equity crowdfunding may be for you. These types of crowdfunding platforms let individuals invest in your business in exchange for an equity stake in your company. Think of it like a small-scale angel investor or venture capitalist. You set the terms of the deal, and the investment doesn’t need to be paid back like a loan.
Reward-based crowdfunding. Made popular by companies like Kickstarter, reward-based crowdfunding doesn’t require you to pay back an investment or give up an equity stake. Instead, your crowdfunders will receive some type of benefit in exchange for investing in your campaign. It could be early access to your new product or adding their name to the credits of your new documentary. The rewards and corresponding investment levels are up to you.
Donor crowdfunding. This type of crowdfunding platform requires you to give nothing in return for a contribution – crowdfunders are simply donating to support your cause. Made popular by platforms like GoFundMe, these types of crowdfunding campaigns typically cater to nonprofits or individuals and businesses facing some type of financial hardship.

What Are the Advantages of Crowdfunding?

Easy access to capital. Compared to applying for a small business loan or seeking out an individual investor, the barriers to launch a crowdfunding campaign are relatively low. You don’t need a high credit score or an airtight business plan to launch a campaign. You just have to convince others to back your idea.
Lower interest rates. Depending on the type of crowdfunding platform you choose, you may pay considerably less in interest compared to a traditional bank loan. You could even end up with an investment that doesn’t need to be repaid at all.
Added publicity. The most successful crowdfunding campaigns are those that generate avid support from their investors. If crowdfunders believe in your cause, they’ll be likely to share your campaign with friends and family – increasing awareness of your business, generating free word-of-mouth promotion and attracting additional investors.
Low risk. Starting a crowdfunding campaign can be an easy way to gauge the level of support or interest in your new business idea. Because the upfront investment is minimal, there’s no real risk if your campaign flops.

What Are the Disadvantages of Crowdfunding?

Failed campaigns. Not every crowdfunding effort is successful. In fact, according to The Crowdfunding Center, only 22.4% of crowdfunding campaigns actually reach their investment goals. Depending on the platform you choose, that means you could walk away with nothing.
Competition. With the growing popularity of crowdfunding campaigns, it’s harder than ever to stand out from the crowd. To launch a successful campaign, you’ll likely need to spend a significant amount of time marketing and promoting your fundraising efforts.
Fees. While crowdfunding can be a great alternative to more traditional financing options, there’s no such thing as “free money.” Nearly every crowdfunding platform will take a cut of your investment for the use of its services. And you may also have to pay processing fees for donations made using credit cards.
Tight timelines. Most crowdfunding platforms only give you a limited amount of time to fund your campaign. If you don’t generate enough interest in that time period, you could be left without an investment.

What Should I Know Before Starting a Crowdfunding Campaign?

Choose the right platform. Because crowdfunding options are so diverse, it can be difficult to give specific advice on the types of projects or initiatives that are a good fit. But regardless of your project, it’s important to pick a platform that aligns with your needs. For example, if you’ve got a great idea for a new business startup, debt or equity crowdfunding platforms may be your best option. Looking to launch a new product? Reward-based crowdfunding can help you earn initial sales along with your upfront investment. Once you narrow down the crowdfunding category, do your research on the platforms that are available. Compare and contrast their services, requirements, reputation and fees. And be sure to check out examples of past success stories. Doing your homework in advance can help increase your chances of crowdfunding success.
Invest in marketing. To raise an investment through crowdfunding, you’ll need to share your story in an effective and compelling manner. Don’t underestimate the importance of having high quality photos, videos and related content before your campaign launches. If you’re not a marketer at heart, you may want to consider hiring some outside marketing expertise to help you tell your story.
Protect your intellectual property. If you have an idea for a brand new product or service, promoting it publicly on a crowdfunding platform could allow someone to steal your idea. And if they can bring it to market faster than you, it might take a lengthy (and expensive) legal battle to make things right. If protecting your intellectual property is a concern, it may be worth checking into your options for securing patents, copyrights or trademarks first.
Use your social network. The success of your crowdfunding campaign will depend, in large part, on your ability to spread the word. Be sure to lean into your personal and professional networks – both in person and on social media platforms. And don’t be afraid to ask your friends and family to share your campaign to help you reach your goals.
Know the tax implications. Before you launch your crowdfunding campaign, it’s important to understand how any contributions may impact your year-end tax bill. As far as the IRS is concerned, the money you earn from crowdfunding will generally be taxed as income during the year you receive it. This is especially true if crowdfunders have received anything in return for their contribution. Of course, the tax implications for your exact situation may vary – so it’s best to get counsel from an attorney, accountant or tax professional.

Invested In You

As an Erie Insurance customer, we’ll always be there to help protect you and your business. To learn more about how an ERIE business insurance policy can benefit your growing business, contact an ERIE agent in your neighborhood today.

The insurance products and rates, if applicable, described in this blog are in effect as of July 2022 and may be changed at any time.

Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions.

Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.

Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.

Posted on 28 February 2023 | 9:00 pm

15 Essential Things You Should Know About Your New House

Looking After You

Paperless at ERIE: Your Options and How to Enroll

Why Make the Switch?

How to Sign Up for Paperless Billing with ERIE

How Will I Get Notified of My Invoice?

Can I Opt Out of Receiving More Paper Documents?

Go Paperless with ERIE

Helping Your Home Recover from Winter

Spring Home Maintenance Checklist

Spring Yard Maintenance Checklist

Protect Your Home with Homeowners Insurance You Can Trust

What to Know About ERIE's Extended Water Coverage

What is Extended Water Coverage?

But Why Do I Need Extended Water?

A Little Preparedness Goes a Long Way

The Pros and Cons of Crowdfunding: Is It Right for Your Business?

What is Crowdfunding?

What Types of Crowdfunding Are Available for Businesses?

What Are the Advantages of Crowdfunding?

What Are the Disadvantages of Crowdfunding?

What Should I Know Before Starting a Crowdfunding Campaign?

Invested In You

Request a Quote

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