Many homeowners assume that their home insurance policy covers them fully, both inside and outside their home. However, policies vary concerning outdoor items, and we’ve listed what you should know below.
Your outdoor features may be worth more than you know
Having a home insurance policy is a safety net. If something is seriously damaged, you can turn to the insurance company to help repair or replace it. This extends all the way to completely rebuilding your home should the need arise. However, your policy isn’t worded to replace your home, but rather for a specific value—whatever it is estimated that it would cost to rebuild your home. If you have added outdoor features, you should update your policy. Be certain to get exact costs for replacement; they may be worth more than you realize.
Standard policies cover standard things
Policies are designed to suit the average client and will usually cover the following outdoor features:
• Tool sheds
• Gazebos
• Trees
• Plants
• Shrubs
• Driveways
• Drainage systems
Think about what other features or valuable infrastructure you have your yard.
Some items require extra coverage
Because some additional items pose risk and raise liability, many companies will not insure them or demand that you take out extra coverage in order to be fully insured. These items include trampolines, jungle gyms and swimming pools. If you consider these features to be worth the risk and expense, speak with your insurance provider about them — do not assume they are covered.
Other features are wildcards
Some outdoor features are wildcards in the insurance industry with policies that vary wildly from company to company. For example, ponds and water fountains may be seen as high risk by some insurers and as standard items by others. Outdoor structures such as decks and balconies are sometimes treated as part of the structure of the home, and in other cases, as an outdoor feature. As always, avoid making assumptions and ask your provider for clear answers.
To learn more about coverage for outdoor features, speak with your insurance broker.
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