You spent years tripping over the riding lawn mower and figuring out how to park in the garage among bikes, yard tools and other odds and ends. You finally saved up and got the perfect shed to house that lawn mower and other garden equipment that was previously crammed into the garage. The shed is up in your yard and looks great. Even the neighbors are commenting on how great it looks and how they should get sheds too.
But, what if a windstorm hits and the shed is damaged? Is it covered by your home insurance? It’s not attached to your home; rather, it’s in a corner of the yard. So, what would happen if it’s damaged?
Those are great questions to ask your independent insurance agent. Each home insurance policy is different, so the answers to those questions may vary from policyholder to policyholder. But, we can give you some general guidance until you have some time to call your agent.
- Read your insurance policy and see if it covers auxiliary structures. Auxiliary structures are unattached, such as a shed, gazebo and some garages.
- Look for the percentage that is covered. For example, if your policy states that auxiliary structures are covered at 10 percent of your home’s value, then you want to be sure you have adequate coverage. If you have a $100,000 home, then your auxiliary structures would be covered for up to $10,000. Would that replace the shed and everything you have stored in it? If not, you may wish to purchase additional coverage.
- Read your policy for what the home and auxiliary structures are covered against. Fire, severe storm, wind damage, theft and vandalism are often covered. Floods and earthquakes are typically excluded.
- Call your agent and talk through the three steps above. It won’t take much time, and it will be worth it to ensure your new shed and everything inside of it is covered.