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Do I Have To Pay For Additional Structures If I Don’t Have Any?

Most everyone wants to save as much as they possibly can with their homeowners insurance premiums. Many want the answer to the same question, do I have to pay for additional structures if I don’t have any? And the answer is not really cut and dry. With a standard homeowner’s policy, you are getting a package deal for one price. Percentages are divided up for each particular category of which the main dwelling is the largest and the rest branch off of the dwelling’s set limit. Coverage B or ‘other structures’ is automatically taken out of the main dwelling set limit at 10%. You’re not considered as paying any extra for it and you would not receive a discount if you were to ask to have it excluded from the ‘package’. 

Having ‘other structures’ or Coverage B in your standard home insurance coverage is something that you really don’t want to have excluded, and your carrier most likely would not be willing to take it out. You don’t know at some point during the years of living in your home that you aren’t going to add a structure on your premises, e.g. a fence around the perimeter, a shed for your gardening tools, or some other type of structure that you find necessary to your everyday life. Why wouldn’t you want to be prepared for that?

What Entails Other Structures

When you ask yourself whether or not you need to pay for additional structures if you don’t have any, you may need to really think about what ‘other structures’ could include. Do you have a mailbox? How about an in-ground swimming pool? Do you ever intend to? If you don’t have a garage attached to your house, you may one day want to have a detached garage added to protect your car from the inclement weather. Having this 10% allotted in your standard homeowner’s insurance plan to cover these structures should you ever decide to have them added to your property will greatly benefit you in the case of any type of catastrophic event. 

Coverage B works like Coverage A allowing protection for the same natural disasters and perils. This would mean that if you have your main dwelling limit at approximately $300,000, your ‘Other structure’ coverage will allow $30,000 to take care of any loss suffered to the structures separate from the main dwelling located on your property. It may not cover all of the damage but it is going to limit the amount of money that you will be forced to take from your own pocket. 

Increasing Other Structures Coverage

While you won’t be able to let go of ‘other structures’ coverage, you may decide that it isn’t enough at some point while living in your home and want to extend it for an extra premium. This way you know that the property that is not attached to your house will be fully protected should there be any type of loss.

You should never say never when it comes to your home. You don’t know when you may decide to upgrade or add to your property and you want to be fully protected.

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