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Outbuilding insurance

When you buy insurance for your home, don't forget the outbuildings on your property as well. If you have a loss to the barn or shed, you'll be glad to have insurance.

Radio interview source: Jerry Hillard, Farm Sales Director, Nationwide Insurance

Listen here to the radio story (mp3) or read below

If outbuildings are insured under a homeowner policy, they're covered for the same causes of loss that you'd insure your home for, such as a fire, tornado damage, and theft. But there are instances where the homeowner's policy may not be enough.
 
Jerry Hillard is the farm sales director of a national insurance company. He says when outbuildings are insured under a homeowner policy, they're covered for the same causes of loss that you'd insure your home for, such as a fire, tornado damage, and theft. But there are instances where the homeowner's policy may not be enough.
 
"You'd look at a farm owner policy if you're actually using it to generate some farm income or maybe it's a higher value dwelling than you can insure on a home owner policy," he says. "It would also be insured for whatever risks you and your agent chose to insure it for and that would typically be the same kind of things you'd see with a home policy."
 
Keep in mind that your outbuildings must be listed on your farm or homeowner's policy to be covered. 
 
You can buy a separate policy for an outbuilding. The price is typically based on the value of the building, type of construction, and square footage.
 
"Those are insured for what they refer to as basic causes of loss, which are fire and lightning, vandalism, theft, some of the things that you generally think of when you buy insurance," says Hillard. "But, maybe not as broad as you would see with an outbuilding that you insured on a farm policy where you had water running into the building.  It wouldn't give you the same coverages for water damage."
 
Depending on how much of a loss you are willing to pay yourself, a higher deductible may lower the premium, saving you money on monthly or annual insurance fees. 

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