We are all familiar with having the standard types of insurance, like health insurance, homeowner’s insurance, and car insurance. But what about insurance when it comes to your garage? This might be an overlooked factor with thinking of your homestead as a whole, but if your garage is more than a place for junk that holds no value to you, listen up! Garage insurance might be something to get familiar with to make sure your belongings are just as protected as your home.
Garage Insurance? What’s That Cover?
This is probably the first question that enters your mind. You would assume that anything garage related would be covered under the umbrella of homeowner’s insurance. In a sense, you are correct. Your garage itself is considered a structure on your property and will be part of your “home” and therefore be on the policy. However, you need to consider what the insurance companies will deem a garage versus what your garage is to you and your family.
With so many of us using our garages for alternative and non-traditional purposes, like an office, the value of your garage can be much higher than what your homeowner’s insurance would cover. For example, insurance companies are not going to automatically assume and therefore cover you keeping a computer in your garage office, because that is not a traditional garage function.
Guard Your Garage: Seek Out the Coverage You’re Lacking
As with most insurance situations, costs and coverage differs from person to person. To figure out what additional garage insurance you need, you have to establish where you stand now. A great place to start so you can begin estimating costs is to take a property inventory of what you are keeping in your garage. Give yourself rough estimates on your valuables so that if in a worst-case scenario, all of your garage belongings were lost you would be able to provide an insurance claim with an accurate depiction of what that loss quantified to your family. Be as detailed as possible! You will have the responsibility to prove the value of your items, so take as many pictures and videos as possible.
Once you have an idea for your garage’s value, it’s time to meet with your insurance company itself. Each company has different policies and are the experts on what your individual policy covers. You might be surprised to find out that the financial payout for covering garage damages does not even come close to the estimated garage inventory value you prepared, allowing you to hone in on exactly how much more coverage is needed.
It’s also a great idea to meet with your insurance company to get an idea for incidents in general relating to your garage and how well you are protected. What if your crazy aunt who can’t drive backs into your garage door and dents it? Would you still be as covered if a severe storm damaged the door? These are all things to take into consideration when arming your garage with insurance.
While you might already have insurance that envelopes your garage, you might not truly have garage insurance for the type of garage you have created. If you are planning on making improvements to your garage, you definitely want to cover yourself from damages (hope for the best, but prepare for the worst). Need some more advice on garage value, improvements and more? Contact us today!
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