Spring is a fantastic time of the year to finish any outdoor chore you started over the Winter. Before you get too involved with your spring to do list, we need to warn you about a mistake some homeowners make. That mistake is not informing your home insurance agent about your project. Yes, it can matter.
Not Enough Coverage?
Not having enough coverage for a loss, or no coverage at all is a subject that we can address well ahead of time if we know about your projects before a loss occurs. At Imes Insurance Associates, we work hard to make sure you always have proper coverage for your home and your belongings. When we first issue a policy, it is based on the cost to repair or replace your home or other structures on your property based on current material and labor costs. If your spring project increases the value of your home and the cost to repair or replace it, your policy should be updated to reflect that change.
Understanding Your Policy
Chances are, you haven’t looked at your home insurance policy since the day it was issued, if at all. If you have looked at it, you’ll find a couple coverages that relate directly to repairing or replacing your home or another structure:
- The section labeled “Coverage A – Dwelling” is the amount of insurance you have on your house. This amount should be enough to rebuild a new home should you experience a total loss, such as after a fire.
- The section labeled “Coverage B – Other Structures” is the amount of insurance you have on other structures such as a detached garage, garden shed, swimming pool, fence, or deck. Typically the amount of coverage included in a base policy is a percentage of the Coverage A. While that may have been enough when you first bought your policy. It may not be enough if you are investing a significant amount of money improving your property.
Call Us and Inform Us
We encourage you to give Imes Insurance Associates a call. We strongly recommend doing this before your project gets underway so there are no surprises later.
Adding a Garage or Shed
If you are building a structure on your property, such as a garden workshop, a hobby workshop, a garage, or any other type of structure, let our team know about it. We will make sure you have enough Coverage B to minimize risks.
Adding a Deck or Fence
Decks and fences make a great improvement to a home, but they can be quiet expensive as well. Each of them can easily exceed tens of thousands of dollars or more.
If you add a deck or fence or modify those you have, it is a good idea to let us know. Doing so can help ensure it has plenty of coverage.
Adding a Pool, Outdoor Kitchen, Fire Pit, or Other Fire-related Features
If you are making improvements to your home that increase your risks such as a swimming pool or anything fire-related, definitely give us a call.
Have Fun and Enjoy Your Spring Project
Whatever your project may be, have fun with it. Have fun planning, building, and using your project.