We don’t want to alarm you, but that project you are planning for your outdoor space may not have coverage on your home insurance plan. In St. Peters, Missouri, many of our clients are using this time of the year to plan. They have notebooks out, pens in hand, and they’ve made at least 5 trips to the local home improvement store. You want to make your backyard enjoyable, add more storage, or finally build that outdoor man cave (have you heard about she-sheds?) As you do, we encourage you to give your Mid-Rivers Insurance agents a call. Our team is available to discuss all of the risks with you.
What Risks Are There?
Most of the time, our clients do not realize there is a risk to them if they add structures to their home. There are two major changes that your home additions and changes can have on your policy. Here’s a closer look.
You Don’t Have Enough Property Insurance Coverage
Your standard home insurance policy has two components. Coverage A – Dwelling insurance provides financial protection for damage and risks to the actual structure of your home. Coverage B – Other Structures provides coverage for other structures on your property, perhaps not attached. Most policies provide enough value to cover the replacement of your home if it is totaled under Dwelling coverage. However, your Other Structures coverage provides just 10 percent of the value of Dwelling. That may not be enough to cover the value of your new structures.
You Don’t Have Enough Liability Insurance, or You Haven’t Let Us Know About Risks
Another key concern is the liability risk. Every home has some risk of liability claims. People visit you, they are hurt, and they may sue you for their losses. Sometimes, homeowners add structures and features to their home that are not safe, or that may add more liability risk. This includes anything to do with fire as well as risks associated with pools. We need to know about these types of structures and write them into your policy.
When Should You Give Us a Call?
Spring is full of change and growth. We know you are ready to see that around your home. That’s why we recommend giving our team a call as soon as you have some idea of what your plans are. Here’s a closer look.
When to Call Us
Any time you are adding hard structures to your home, it is a good idea to let your home insurance agent know about it. This includes:
- Sheds of all types
- Outdoor Kitchens
- Fire pits – or anything to do with fire
- Any other type of building space
What Projects Are Not a Risk?
Other projects are not a risk and therefore may not need to be discussed with your agent. This includes:
- Adding plants
- Adding a garden or raised garden beds
- Additions of flowers
- Hardscaping such as rocks and footpaths
- Retaining walls
We are always happy to talk to you about your projects, of course. If you are unsure what your changes may do to your home insurance policy, let our team help you. We are happy to discuss all options that are available to you. Most of the time, we do not need to make significant changes to your home insurance. We just need to add on to the policy or clarify the terms a bit. It does not have to take long. Call your agents at Mid-Rivers Insurance to discuss all of your needs.