As a homeowner, it should be your primary duty to ensure that all the structures on your property are insured. If you have a swimming pool or a garage in your property, you can have it insured by buying an "other structures" insurance coverage.
The term "other structures" can be defined as the structures, which are present on the property but is separate from the house. This can include a building, cement or fencing work around the home. It is that portion of your homeowner's policy that compensates for the cost of repairing/rebuilding any additional structure, other than your home, on your property.
A standard homeowner's policy usually provides 10% of the total dwelling coverage as insurance coverage for additional structures. For instance, if the insurance coverage for your home is worth $200,000, your insurance policy would include $20,000 of coverage for other structures.
Learn about "other structures" for Florida Homeowners Insurance:
List for Other Structure
- Detached garages
- Guest houses
- Retaining walls
- Swimming pools
- Storage sheds
- Pool Houses
For the structures to be included in the homeowner's policy, it is very important that they are used for personal and not for business use. Structures that are used for business purposes need to be covered under a separate business insurance policy.
Necessary coverage: "Other structures" insurance policy is essentially designed to compensate for the costs involved in repairing or completely replacing the damaged structures. As a homeowner, you need to be aware of the current costs that would go into making repairs and replacements. Remember, there's a possibility that the cost required for replacing the old structure with the new one is more than the actual cost of the old structure. This is because the prices of the construction materials may have increased.
Also, the building codes and requirements may have changed. In such a case, replacing a structure in a manner that meets the current building codes and requirements (e.g. - you may now require a comparatively higher grade of wiring) will perhaps increase the overall replacement cost considerably.
As a homeowner, it is very important for you to ensure that you have sufficient insurance coverage to pay for the repair or replacement of the damaged structure. If the standard homeowner's insurance policy offered by your insurance provider doesn't include sufficient amount of coverage, it's recommended that you arrange for an additional