How To Make Sure Your Home Insurance Policy Covers All Additional Structures On Your Property
If you are planning on moving to a new home, one of the tasks you will need to complete is getting a homeowner's insurance policy for the new house. This is something you will need before you close on the house, and you can call around to get quotes. If your new home has any type of additional structures on the property, you will need to make sure your policy covers these too.
What are additional structures?
Homeowner's insurance is a type of coverage you can purchase to protect your house and everything in it, and home insurance will also provide coverage for all additional structures on the property. Additional structures come in many forms, but some common ones are barns, detached garages, fences, pools, hot tubs, and retaining walls. An additional structure is any item of value that is not attached to the house itself.
Do home insurance policies cover these?
A typical home insurance policy will provide coverage for all types of additional structures in most cases; however, it's important to make sure your policy provides the coverage you need. To do this, you will need to talk to an insurance agent and list every additional structure you have on the property.
As you list these items, your agent can include them in the policy. You should realize that certain things on your property might cause your premiums to increase. For example, owning a hot tub or swimming pool adds extra risk to the insurance company. Because of this, the insurance company might charge you extra for covering these things.
If you want to avoid paying more for your insurance, you might decide to not tell your agent that you own these things. The problem with this is that you would not have coverage on these things if something happened. For example, if someone walked onto your property and drowned in your pool, that person's family might sue you for the event. If this happens and you do not have coverage for the pool, your insurance company might deny paying the claim, and this could land you in a really bad financial position.
Moving is an exciting event in life, and having the right type of home insurance coverage is vital if you want to protect your new residence. If you need new homeowner's insurance, contact an insurance company to learn more about getting a policy for your needs. You can also go to http://www.statefundhomeinsurance.com for more info.