A tool shed, she-shed, or your workshop is a valuable investment on your property. No matter what you use this space for, it needs to have proper coverage under your home insurance policy. Many people are adding these features to their homes. It spreads out the amount of space they have and may offer a bit of privacy from the rest of the family. The question is, then, how do you insure it properly?
Is It Already on Your Plan?
A common misconception for some homeowners is that their shed, garage, or other structure on their property is already on their policy. It could be, but this is something you need to verify.
If the shed is not an attachment on the home, it is not guaranteed to be on the policy. Unless it has always been there and the policy names it, it may lack coverage. Yet, you may store expensive equipment there, tools, and even classic vehicles. You need to make sure it has the protection that is right for your needs.
How to Add Coverage for Your Shed
Call your agent and request information about insuring the shed. If it is not on your policy, provide your agent with information about the shed. He or she will likely need to know the following.
- How big is the shed? The larger it is, the more protection it may need.
- What do you use it for? If you store high-end equipment for your expensive hobby here, it is going to need more financial protection than if you use it just for gardening equipment.
- Is the shed a new addition? If you remove an old shed and replace it, let your agent know. They may need to update your policy to reflect this.
- What type of material is the shed made of? Durable and non-flammable materials are best. Most people do not have a brick shed, though. Your agent needs to know if it is wood, composite material, aluminum, or other material.
- Do you have any security on it? Lights can be a good starting point. If you have high-end equipment here or other valuables, consider placing an outdoor security camera here for extra protection.
- Keep in mind, specific items, like classic cars or ride-on mowers, might need their own insurance policies, and won’t have full coverage under your home insurance.
Your home insurance agent can help you add your new tool shed onto your policy. Do this as soon as possible. You want to make sure your investment has the protection it needs to have.