Spring is right around the corner and the time is right for planning your next home improvement project. Summertime in the Twin Cities brings the usual pests:
You want to sit outside during the summer, bug-free, and isn’t that gazebo you thought about last fall the ideal spot to relax after a long, humid Minnesota day?
Building a gazebo—or taking on any other spring project you may have in mind—requires a lot of planning. Taking the time to think about what you want and how to do it will greatly benefit you, your home, and even your finances. Keep reading to make sure getting you’re getting your project started on the right foot.
Keep these five spring home project insurance considerations before diving in.
1. Do your homework
Start your project by doing your homework. Research your ideas on the internet and attend a local home and garden show.
The Minneapolis Home & Garden Show takes place at the beginning of each April giving you the perfect opportunity to talk with experts who can guide you in the right direction in just about any home project.
But don’t forget about getting advice on your home insurance coverage, too. A home project is an investment, and the proper insurance coverage will protect your home….and your pocketbook.
2. Not all projects are created equal
Your homeowner’s insurance covers your house and many other structures, but not necessarily the land itself. That landscaping you’ll spend several weekends on may not be covered, but there are exceptions. We can go over the specifics of your policy.
3. What about “other structures?”
Many projects are typically covered by your insurance policy as “Other Structures.” These are usually known as Coverage B – Other Structures in your policy. Garages, tool sheds, patios, and, yes, gazebos qualify as these kinds of “other structures.”
4. Know your coverage limits
Coverage on “other structures” can be limited and is typically only 10% of what your house is covered for (also known as Coverage A – Dwelling).
In this example, if you have $200,000 in coverage on your house, then you will have $20,000 in coverage for “other structures.”
Note that additional coverage is often available. Some structures are not the same as others. A new garage, for instance, is bigger and more expensive than a gazebo or a new fence and might require more than 10%. In this case, check with us to see if you can purchase additional coverage.
5. Inquire about special structures
Some projects have special underwriting considerations that impact their insurability—and you don’t want to make assumptions. It is very important to check with us if you plan to do these kinds of projects.
Your pool may require a fence or the removal of a diving board. Similarly, any structure dealing with fire (e.g., fireplace or fire pit) will need to be carefully considered for safety purposes.
Check in with your insurance agent
A lot of effort and money go into a home project. You want to enjoy it for years to come, so make sure you plan thoroughly. Before you make any decisions, let us review your project to ensure your insurance policy doesn’t spring any coverage leaks.
Peter Cole, insurance agent and partner at Pentagon Insurance Agency in Elk River, MN, began his career in the industry more than 30 years ago. He prides himself on backing up every sale by personally providing service to his clients and by providing the coverage they need at the best possible price.
Contact Peter to discuss your situation today!