Here, at Frisco Insurance, we pride ourselves on keeping our valued customers up to date on important insurance issues. It’s our job to provide insurance coverage for all of your needs. That brings us to today’s topic:
Other Structures Insurance
You may have “other structures” on your property that are not covered by your current insurance. Depending on the value of all structures and possessions residing on your property, you may want to consider this additional offering from Frisco Insurance.
Let’s Define the Terms
So, what exactly do we mean by “other structures” on your property? Here’s a list of some examples that would likely fall within that category:
- Tool Sheds
- Pool / Patio coverings
- Guest House or Houses
- Detached Garages / Work Areas
- Outdoor Barbeque / Patio Cooking
- Separate Buildings for Office Use
As you can see, there are a number of “other structures” on a property that may benefit from additional insurance. Our customers will make this decision based on the cost to rebuild or replace any of these structures in the event of serious damage. For example, you may have expensive tools, machines or tractors in a building that resides on your property.
In other words, you may have areas of your property that you’ve put a lot of time, effort and money into that are currently not covered by your insurance policy. Frisco Insurance is always a phone call away with helpful advice on how to protect all of your belongings.
What’s My Coverage Right Now?
It’s helpful to periodically review your Frisco Insurance policy and the exact terms of your coverage. Our customers tend to be folks who are diligent about protecting their valuable assets. Thus, many people do purchase our “other structures” coverage for reduction or elimination of risk.
But what is “typical coverage” in this area?
Let’s provide an example. If your home is insured for $250,000, your other structures coverage will typically amount to $25,000. Thus, your other structures coverage is often exactly 10% of whatever your dwelling coverage is. For some, $25,000 would not come close to covering massive damage to all the structures that surround their actual living quarters.
Please note that it’s quick and easy to change your amount of other structures coverage. It could also save you a lot of money should one of the following events occur:
- Structure hit by lightning
- Structure destroyed by fire
- Falling objects (such as trees)
- Power lines causing fires
It’s an unfortunate fact of life that destructive events do sometimes occur. The great news is that you can choose your exact level of protection. Again, this depends on the value of your structures and possessions that reside on your property.
What Else Will Other Structures Coverage Apply To?
Please note that in some cases other structures coverage will not apply to a guesthouse. Frisco Insurance is happy to clarify this point for your particular situation. Here are some other items that may be covered by your other structures insurance:
- Detached Garages
We like to make a separate note about these two items because many folks don’t realize they may need extra insurance for these. Some detached garages are large and merit extra consideration. To put a finer point on it:
Items on your property separated from your dwelling by clear space can be defined as “other structures.”
Frisco Insurance would like to share a direct quote from one of our customers expressing great relief at getting our other structures insurance:
“I woke up the morning of July 4th with my shop/detached garage on fire. It was a total loss; the fire marshal said it was due to electrical wiring. Luckily [they] did a thorough job recommending [that I] increase my other structures coverage so I was not underinsured by more than $40,000.00. I was able to rebuild bigger and better than before. I am a customer for life!” -David, in Forney, TX.
David rebuilt quickly after the severe damage and life went on smoothly after the event. He was quite relieved to not pay out of pocket for this unexpected tragedy.
Contact Frisco Insurance – Exceptional Coverage at a Great Price
We’re always here to answer your questions about proper insurance coverage. Our team has a tremendous amount of experience advising our customers on the appropriate amount of insurance based on your property details.