Did you get a chance to head to the Home, Garden & Landscape Show this February? For many, it is idea overload. If only you could add a new gazebo or perhaps a new shed onto your home’s property, you could finally enjoy life a bit better. No matter what ideas you may have, it’s important to keep your Waukesha, Wisconsin home insurance agent in the loop. How can your next outdoor spring project impact your insurance? It can help in several ways.
Let’s Talk Liability Insurance First
Your Carrigan Insurance policy provides two forms of coverage – property and liability insurance. Liability coverage protects other people who may visit your home and be hurt there. They file a claim and receive compensation for their losses. Many people think this is just about dog bites or slips and falls. That’s not the case. Some upgrades and changes to your home can increase just how risky your home is. Here are some examples:
- You’ve installed a new fire pit. That’s fantastic for a family night of roasting marshmallows, but it also presents the risk of an accident that causes someone else to be hurt.
- You are thinking about a new inground pool. The investment in a pool is good fun, but your home insurance needs to reflect its presence. Pools carry the risk that someone will be hurt or a neighborhood child will fall into it.
- Outdoor kitchens are a trendy addition, too. However, these present risks of catching your home on fire or hurting another person.
That’s not to say you should not invest in these projects. If you do, let your home insurance agent know that you are doing so. He or she will make sure to note your policy and talk to you about any costs changes.
Adding Value to Your Home
A second reason to keep your Waukesha home insurance agent informed about your project has to do with value. When you select your home insurance policy, you agree to a maximum amount of coverage for that property. It is based on the value of your home. However, there is an upper end of coverage here. That is, policies can max out. If your new projects add value to your home over and above this limit, you could be without enough protection.
For example, most home insurance policies provide coverage for items such as fences, garages, decks, sheds, and other structures. However, these are considered other structures on your property. Most policies pay up to 10% of your home’s Coverage A – Dwelling coverage for these items. If your projects are more than this amount, you may be left without enough financial protection.
What Can You Do?
In all cases, contact your home insurance agent at Carrigan Insurance. The process is simple:
- Call us before you plan any major change to your property. Let us help you determine if there’s any implication to your home insurance plan.
- Let us know after you’ve made changes. This way, we can update your coverage and note those changes on your plan.
It is also important that you use licensed and insured contractors to complete these projects. It helps to safeguard you, as a homeowner, from mistakes they may make. And, your home insurance agents can help you to verify this information.
Roll up your sleeves. Make a to-do list of projects for this spring. And, then, give your agent a call to find out what the implications are if any. It is a simple way to ensure you have ample financial protection for the risks your home could face.