Is Your She Shed Properly Insured?
July 14, 2020
Let the Stress Melt Away Knowing You Are Properly Insured
The age of extra space is upon us – while having in-home oasis will never go out of style, giving yourself some extra space outside of the house is now all the rage. Barns are a great storage room, but the average homeowner won’t need all that space, nor the desire to maintain an additional home-sized structure, so we turn to the shed. Stylish, compact, and the perfect place to retreat without leaving your property. “She sheds” in particular are growing in popularity as a respite space for escaping the chaos of a family home.
But for everything that your she shed gives you, are you giving it the same care back? When bad weather or other misfortune hits your property, will your favorite idyll be covered? Let’s take a look at the steps that you can take to properly insure your she shed.
The most effective step you can take in assuring that your she shed is covered by your homeowner’s policy is to document it. This is especially true of new constructions. While most municipalities have specific requirements for building permits that small structures may not meet, getting a building permit in order to build your new shed is the first vital step. From that permit you can then better report the structure to your insurance agent.
Most homeowner’s policies will include coverage for “other structures” which covers all buildings on your property that are detached from your home – this can include sheds, detached garages, floating porches, and gazebos. In many instances, the other structures clause will cover all of your additional structures for ten percent of your total homeowner’s policy. Meaning that if you have a $400,000 policy out on your home, all other structures can be claimed for up to $40,000 without any changes to your policy. As with most insurance structures, you can take out additional coverage on specific possessions, including your shed.
As with all considerations of a homeowner’s policy, individual items stored in your shed may not qualify for protections under your current policy. Things like linens, some pieces of furniture, and paper products are more susceptible to the elements than the traditional hardware stored in sheds (e.g. lawnmower, garden shears, weed-whacker...), making them less likely to be compensated for in the case of the loss of your she shed. If you invest highly in your furniture or other furnishings for your she shed, be sure to seek additional coverage.
In order to accurately gauge what kind of additional coverage you may want to take out on your home oasis you may also consider calling an appraiser out. While sheds can be hit or miss on adding value to your property as a whole, an appraiser will be able to quantify a value of one specific structure for you – providing you with accurate information to take to your insurance agent.
Your she shed is your space to relax completely – Take care of it like it takes care of you. Ensuring that your insurer is fully aware of exactly what your investment in the shed is will help them to know what kind of policy will best fit covering your “other structures”, including the potential need for additional coverage. If you’re ready to explore your coverage options, give us a call at 607.734.8799.
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