As spring approaches, you may be considering beginning a new project at home. For example, some homeowners see spring as an opportunity to improve their landscaping, install a new fire pit or put in a pool. When you are investing significant time and money into a new project, you need to know that the finished product will be protected. For this reason, it is important to talk to your insurer before you begin a spring project.
Understanding Typical Homeowners’ Insurance Coverage
The typical Fishers, Indiana, homeowners’ insurance policy features two types of coverage: Coverage A – Dwelling and Coverage B – Other Structures. Coverage A applies to your home itself, while Coverage B applies to the other structures around your home. Examples of structures that will be covered under the Coverage B portion of your policy include pools, decks, gazebos, fences, garages and garden sheds.
However, Coverage B doesn’t typically apply to the land around your home. This means that many of the most common spring projects will not be covered. Specifically, homeowners’ insurance policies do not typically cover fire pits, raised gardens, trees, plants or hardscaping.
How Much Coverage is Available?
In most cases, the limit for Coverage B – Other Structures is equal to 10 percent of the limit on Coverage A – Dwelling. For example, if the limit on Coverage A is $200,000, the limit on Coverage B – Other Structures will be equal to $20,000.
If your outdoor structures are worth more than the limits on the Coverage B portion of your homeowners’ insurance policy, it may be in your best interest to purchase additional insurance coverage to make sure your investments are protected. If you think you may need to purchase extra coverage for your outdoor projects, talk to your insurance agent about your situation.
Other Considerations
Some outdoor projects require special consideration about insurance coverage. For example, if you are thinking of putting in a pool in Fishers this spring, your insurer may require you to meet certain requirements in order to qualify for coverage. The insurer may not allow you to have a diving board, and/or you may need to install a fence or a cover for safety reasons. Restrictions may also apply to other special structures, such as fire pits, fireplaces, and outdoor kitchens. Your insurance agent can explain all of these requirements in detail.
Preparing for Spring Projects
Before beginning any spring project in Fishers, it is best to have a conversation with your insurance agent to make sure that your policy will cover the product of your work. If the coverage provided by your current policy isn’t sufficient, your insurance can explain your options for increasing your limits or purchasing additional insurance. Your insurance agent will also be able to explain any guidelines you need to follow in order to qualify for coverage.
Luxor Insurance is proud to provide homeowners’ coverage to clients throughout Fishers, Indiana. Call us today to find out more.
