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A she-shed is more than just another structure; it’s your personal retreat. Unfortunately, natural disasters or vandalism can destroy your cozy shed in a matter of minutes. While your home insurance policy in Rio Rancho, NM, may provide some protection, there are a few important things to know.
Other Structures Coverage
Many home insurance policies include “other structures” coverage as part of their standard offerings. This coverage applies to detached structures, such as garages and sheds. However, not all insurance companies automatically include this coverage. It’s essential to speak with an agent at Franklin Insurance Agency to confirm whether your policy includes protection for other structures.
Coverage Limits
Coverage limits for other structures are typically lower than those for your primary home. Often, a percentage of your total homeowners policy is allocated to other structures coverage, typically around 10%. For example, if your homeowner’s policy provides $100,000 in coverage, you may only have $10,000 for all other structures. Some companies set this limit as low as 1% or 2%.
To ensure your she-shed is adequately protected, speak with an agent to determine the dollar amount of coverage you have. If the coverage isn’t sufficient, you may be able to purchase additional protection for other structures.
Covered Perils
Each insurance policy specifies which events, or perils, are covered. Most policies include coverage for theft, vandalism, fire, and certain natural disasters. However, some policies exclude specific disasters, such as floods or tornadoes, requiring homeowners to purchase additional coverage. If the damage to your she-shed isn’t caused by a covered peril, your claim will likely be denied.
Agents at Franklin Insurance Agency can help you understand your coverage and ensure your she-shed is protected. Contact us today to discuss your policy. We proudly serve the Rio Rancho, NM, area.