When it comes to maintaining proper insurance on your home, a number of factors play a role in the cost. Generally, you'll want insurance protection in place on all types of property you own, including secondary structures on your property. If you have an old shed, a detached garage or another structure on your property, you will often find these included in your home insurance coverage. However, if the property is damaged, it can be helpful to remove it or repair it. Doing so could help lower your home insurance costs.
What Does Your Home Insurance Cover?
Most of the time, your home insurance policy can provide coverage for the main structure of your home. It also covers other structures on your property — as long as your policy specifically includes these. These structures should be specifically noted on your policy. This helps cover costs related to damage, such as those fires or tree branches falling on the structure. Keep in mind that home insurance costs are based on the specific type and amount of property you have to cover.
It's Time to Take a Closer Look at Old Structures
If these older structures — such as barns or old garages — are in poor condition, they stand to pose a higher risk to you and to your insurance company. For example, if you have an old barn structure that is falling down, it is in poor condition and a liability risk. If you repair the structure or remove it, you reduce those risks associated with the structure and, as a result, you reduce the risk that your home insurance will need to pay out a claim for that structure. In turn, by removing or repairing these structures, you may qualify for a lower premium for your insurance.
If you have any type of additional structure on your property — such as patios, garages or workshops —you need coverage on them as long as they exist. If they are in poor condition, removing them could provide you with a significant reduction on your home insurance plan. Talk to your agent about the coverage savings you may qualify for if you take the time to make such repairs.