Research indicates that a home is more than likely the largest purchase that any individual will make during their lifetime. It represents not only a significant long-term commitment aimed at optimizing the value of that fixed asset.
However, investing in a home is not only a financial commitment. It is also a commitment to the future in the form of a shelter – and a place where family and friends can gather to share in those special moments.
Of course, a home is also a refuge from the stresses of modern life – and for those who are lucky enough to have a garden or yard space, the possibilities for entertaining and relaxation are infinite. Enhancing that space through the addition of outdoor paving or a patio will make the enjoyment of nature in the comfort and safety of your own home even more rewarding.
Adding these sorts of features has also been proven to enhance the value of the property
However, a glance at the morning headlines will reveal that man-made and natural disasters seem to be occurring more often and are more severe than in years past, and these unforeseen events can cause enormous damage to patios and paving. But natural disasters are only one threat to the beauty and functionality of our home’s outdoor spaces. Damage to these fixtures is more common than one might think (for instance, during renovations).
For these reasons, homeowners often wonder if a deck or patio is covered by their homeowner’s insurance. There is also so the matter of garden paving which contributes so much to the aesthetics of any residential green space.
The most important rule of thumb when dealing with insurance of any type, and this includes home insurance, is to read the insurance agreement extremely carefully before committing yourself. Often the home insurance provider will be chosen on the recommendations of your financial institution when you applied for home finance – but that doesn’t mean that you can skip over that careful review.
However, the good news is that (in the majority of cases) your patio, deck, or porch will be covered by your homeowner’s insurance, as in most cases those areas are attached to the home. However, even if your deck is physically separate from the main house your insurance may detail cover related to ‘additional buildings’. This is an extremely important clause in your homeowner’s insurance agreement. As a fiscally responsible individual, it is up to you to ensure that the clause covering those additional buildings is comprehensive. It should cover items such as your garden and outdoor paving for instance. According to Driveways by Design, it can also cover items such as gazebos and fencing, as well as gates, listed under other structures coverage.
The more comprehensive your cover when it comes to these assets on your property the easier you will sleep. However, sometimes (as most of us are aware) contracts can be immensely complex – and often the layman can struggle to understand the fine print.
Finding the right homeowners’ insurance provider is at the foundation of hassle-free property ownership. Do the research and find a company that has a reputation for plain dealing and simple-to-understand contracts (and prompt payouts). One of the easiest ways to enjoy that invaluable peace of mind is to check the reputation of the insurance provider by visiting a third-party rating agency’s website. Companies such as J.D. Power Ratings publish information that covers information such as the customer satisfaction rating of the homeowner’s insurance provider. This takes into account factors such as customer feedback (from real people) around cost, interactions with agents, and the company’s handling of claims.
Of course, homeowners will want to pay extra-special attention to the coverage that they will receive – it’s important to compare apples with apples when it comes to choosing your home insurance provider.
If you feel out of your depth with the language and legal terms used on your home insurance contract (this is by no means unusual), then reach out to a financial advisor to get their opinion of the coverage being offered – and, as importantly the exclusions.
Your homeowner’s insurance should cover threats such as fire, weather, and disaster coverage in the case of damage from lightning, snow, ice, wind, and hail. Damage from falling objects, intentional mischief, or vandalism may also be covered.
According to jcollinspavingandlandscaping.ie, the key to getting great coverage for damage to outdoor paving, patios, or decks is to do the research. Find the right insurance provider – and spend some time understanding the contract you are about to sign.