Insuring External Structures On Your Property

Something no one seems to talk about after purchasing a first home is where and how to find the best homeowners insurance policy. We know that insurance is necessary, if it wasn’t, it wouldn’t be compulsory to have car insurance. Even though homeowners insurance is not required by law, it’s still a valuable asset to have.

The only remaining questions that arise from trying to find a homeowners insurance policy is what exactly does a homeowners insurance policy cover and is it affordable? Here at CoverHound we can help you answer those questions and get you the coverage you’ll need to make your house a home.

How Do I Know What’s Covered?

How do we know if our homeowners insurance policy covers the shed in the backyard or the in-ground pool? It’s all written in the policy. Lifestyle blog Three Thrifty Guys tells insurance seekers to read the fine print before signing the insurance policy. If you’re not finding anything regarding storage sheds, decks or gazebos, your homeowners insurance most likely does not cover those external structures, even if they are on your property.

If your policy states that the above items are covered, your shed’s or attached deck’s coverage will be based on the total value of your home. Three Thrifty Guys shares that structures like your gazebo, shed or garage will be covered by as much as 10 percent of the value of your home. This means if the house is worth $400,000, your shed will be covered for $40,000.

Aren’t All Homeowners Insurance Policies the Same?

Homeowners insurance coverage types vary by area and location. For example, a windstorm deductible is not going to be included in a Californian housing policy, just as an earthquake deductible is not going to be included in a Georgian homeowners insurance policy. You might be wondering, “why isn’t there a universal homeowners insurance policy for everyone? As you have more than likely deduced, it’s because the states mentioned (and the other 48) do not risk losses from the same types of natural disasters. Along these same lines, no two houses or properties are built in the same way either. Due to the reasons stated above, every homeowners insurance policy is written a little differently, with each policy written to take into account the location, condition, cost of the house and all of the owner’s personal items.

Should I Get Extra Coverage for My Storage Shed?

Getting extra coverage for your garden shed all depends on whether or not the shed is already covered in your homeowners insurance policy. If it’s not and you happen to store a lot of high-priced landscaping equipment in the shed, such as a lawn mower, leaf blower or electric saw, you’re going to want to get those items insured. To insure your shed, consider investing in outbuilding insurance. The outbuilding insurance policy protects structures on your property that are not part of your house. To add this to your current policy, all you have to do is talk to your insurance agent.

Finding homeowners insurance is easy. Finding the best homeowners insurance policy? Not so much—unless you use CoverHound! Browse homeowners rates today.