Home Page Home Page About Us Get A Quote Customer Service Location Contact Us Personal Insurance Business Insurance Farm Insurance Ministry Insurance Get A Quote



Do you have an old barn on your premises? Did you just put up a new 30’x40’ storage garage? Are you operating a new business out of your garage? Do you board someone’s horse in an outbuilding on your premises? And most importantly, do you know if your homeowner’s insurance provides coverage for these buildings, and if so, is that coverage enough?

Most homeowner’s policies automatically provide coverage for “Other Structures” on your premises. However, there’s a limitation on the amount that would be paid if there’s a loss to the structure(s). The amount covered would not be more that 10% of the limit of liability that applies to your home.

So does your policy provide enough coverage to replace your “Other Structure(s)”? If not, you can purchase additional coverage by adding the form – Other Structures-Additional Limit to your policy.

It’s possible your insurance company may want to limit coverages on some structures, like an old barn. In that case, the company may offer actual cash value coverage only and limit the amount it will pay for a loss. Or there may be a structure on your premises that’s in poor condition. The insurance company may choose to exclude this structure from coverage until it’s repaired.

So, if you have outbuilding(s) on your property, You first need to determine if your homeowner’s policy will provide coverage to your outbuilding(s). Then ask yourself these questions:

  • If you use the outbuilding for business, is it a business that can be insured under your homeowner’s policy or do you need a separate commercial policy? 
  • Do you store business property in the “Other Structure”?
  • If so, what type of business property is it?
  • Is there a structure on your residence premises that you rent to others for dwelling purposes? If so, you need to add a form titled – Structures Rented to Others- Residence Premises.
  • Do you have a personal storage structure, off your residence premises, that’s not capable of being used for a dwelling? To provide coverage for this structure, you need to add a form titled – Specific Structures Away from Residence Premises.

 

If you have any questions or concerns about coverage for your outbuildings (Other Structures), be sure to contact your independent insurance agent. Your agent can make sure you have the appropriate coverage.

 

Source: West Bend

Posted 8:25 AM  View Comments

Tags: faq
Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Home Page Make A Payment About Us Get A Quote Customer Service File A Claim Contact Us Refer A Friend Privacy Policy RSS Google+ Insurance Website Design by Insurance Website Builder