Are you planning to build a garage onto your home? You may be thinking about the differences in an attached and detached garage.
It may be a good idea to speak to your home insurance agent about the difference. Various factors impact the cost related to each type of garage. You should know what to expect before you invest here.
Attached Garages Add to Your Home’s Value
Home insurance policies cover attached structures to the home. This generally includes a garage.
If your home does not have one, but you add one, be sure to let your agent know. He or she will need to upgrade the policy. It needs to match the new value of your home. Attached garages existing on a home have coverage already. They typically are not more expensive to insure, then.
Detached Garages Are Not Always Included In Home Insurance Costs
If you have a detached garage on your property, again, let your insurance agent know. These structures might not come automatically on your policy. You want to be sure your agent adds them.
This can add a bit more cost to your policy. However, it does not mean it will be very expensive. If you want the policy to cover losses at a detached garage, you need to have it listed on your policy.
What Is In the Garage Matters For Home Insurance Costs
Some people transform their garage. It goes from storage to a rec room. What you put into this space matters. For example, if you store entertainment equipment here, you need to be sure you have enough contents coverage on your home insurance policy. This will help cover the value of these items if lost.
You also want to consider any high risks in the garage. Do you store paint or flammable liquids here? This can increase the risk at the home. Your agent needs to know this, too.
Before You Build Think About Home Insurance Costs
Before you build or change the garage to your home, call your home insurance agent. Discuss the options available to you.
Be sure your policy represents the type of structure you have. This way, you gain protection for it. You also get protection for the items within it. Protect it from fires, theft, vandalism, and other risks. A quality home insurance policy is one you can rely on to keep your entire home safe from loss. This should include your garage spaces.
FAQ’s About Does Having an Attached Garage Adds To Home Insurance Costs
How do attached garages impact home insurance premiums?
Attached garages can affect homeowners insurance premiums in various ways. In general, having an attached garage may lead to a higher insurance premium due to the increased risk of damage to the home in case of a fire or other incidents.
Does the size of a garage play a role in home insurance costs?
Yes, the size of a garage can impact home insurance costs. Larger garages may increase the overall replacement cost of your home, leading to higher premiums. Additionally, a larger garage may pose a higher risk for accidents or damage, which could also lead to increased insurance costs.
Do insurance companies view detached garages differently?
Insurance companies usually treat detached garages differently from attached garages. Generally, detached garages are covered under the “Other Structures” portion of your home insurance policy, while attached garages are covered under the main dwelling coverage. The coverage limits for detached garages may be different compared to attached garages.
What garage-related factors can influence insurance rates?
Various factors relating to garages can influence insurance rates, including the type of materials used to build the garage, the size of the garage, the presence of fire hazards or flammable materials stored in the garage, and the overall security of the garage (e.g., if it has a proper locking mechanism).
Is extra coverage necessary for an attached garage?
Extra coverage for an attached garage may be necessary if the basic coverage limits of your home insurance policy don’t provide adequate protection for your garage and its contents. It’s essential to review your policy and assess the value of your garage and its contents to determine if additional coverage is needed.
Are the contents of a garage typically covered by standard home insurance?
Generally, the contents of a garage, both attached and detached, are covered under your home insurance policy’s personal property coverage. However, the coverage limits and types of items covered may vary between policies.