Does Your Homeowner’s Insurance Cover Your Shed?
A homeowner’s insurance policy can be long and complicated. You’ll eventually find the answer but not after having to jump some hurdles. To make it easy for you here’s what homeowner insurance policies typically cover when it comes to your storage building.
Shed and Garage Insurance
Most homeowner’s insurance policies generally include coverage for all buildings on your property, including sheds or garages. There is no need to look for individual shed insurance.
But, this doesn’t guarantee that if your building were to burn down, that your insurance would be enough to replace them. For financial specifics, you will have to read your own policy.
Standard homeowner’s policies commit up to 10% of the face value of the policy. So, if your policy limit is $150,000 for your house, the most you could get from the insurance in the case of a fire is $15,000.
What won’t they cover?
We now know that your shed, garage, and contents inside are covered by your homeowner’s insurance. But what isn’t covered? According to clark.com, here are a few things that likely won’t be covered.
- Mold- Most policies limit mold damage coverage for completely excludes it. Some may offer endorsements to expand coverage on mold claims, but only if you are willing to pay more. So really, you should be focusing on preventing it from growing in the first place.
- Sewer Backup- Sewers backing up into homes can do severe damage to floors, walls, furniture, and electrical systems. These are not typically covered by a standard policy, so if it is something that concerns you consider inquiring about extra insurance.
- Sinkholes- Most insurance policies do not cover damage associated with earth movements such as an earthquake or sinkhole
- Floods - Basic insurance policies will usually not cover your whole property from flooding, despite what you may think. Look into your policy and online to find out more specifics.
Review Your Policy Annually
The National Association of Insurance Commissioners recommends you go over your policy every year.
Adding additional buildings increases the value of your property compared to when you first took out a policy. An annual review will help you keep your coverage from falling behind the value of your assets.
Other Things to Think About When Buying a Shed
Here are just a few things that any homeowner should think about asides from insurance.
Does the seller of the shed offer a warranty?
Leonard’s does! We offer a 5-year warranty with our buildings!
Find out if you need a building permit.
This will vary from area to area. It’s up to the local municipality, county, or city business officials of your area. Most buildings will require permits, especially living in a town or city that place restrictions on size and placement of buildings.
Make sure you know how to prepare a proper foundation.
Whether you’re laying a concrete foundation for preparing a level base with gravel, there are things that need to be accounted for to make sure the job is done properly. The four basic steps are:
- Build a frame
- Fill the frame
- Level the base with the screed board
- Compact the base material