Once you have built your dream barndominium, one of your first priorities should be figuring out how to protect it. There are so many things in this world that we can not control and having some protection against those things can put your mind at ease. Finding good barndominium insurance is an important step for anyone who wants to make sure their home is safe and secure.
In this article, we have laid out everything you need to know about barndominium insurance. By understanding all the ins and outs of it, you can be sure to find the company and policy that will fit your home and your needs. Hopefully, by reading this guide, you can get a better idea of what good barndominium insurance looks like and what to look for in coverage.
Where to Get Barndominium Insurance?
Most homeowner’s insurance companies will be able to cover your barndominium just like they would with a traditional home. However, it is important that you understand what each individual company you look at covers and what they don’t. For example, some insurance companies will not cover buildings that have metal siding. This could put you at a disadvantage when searching for a good policy. Just make sure you explain everything about your home to your insurance agent so they can be sure that your home will be covered.
You should also know that most barndominiums fall into the category of dual role construction. This means that part of the barndo is for residential purposes and the other part of it is for storage. This will have an effect on your premiums and your coverage. Because of this, you should know what the ratio of storage space to living space is in your barndo. This will help you determine what kind of coverage you need and what your policy should look like.
What Does Barndominium Insurance Cover?
Any insurance policy will have a list of things that it covers and that it doesn’t cover. This list will vary depending on the company and the kind of policy that you are looking at. However, there are some things that you should be looking for in any policy you consider for your home. These are standard coverages and should not be excluded from any policy.
There is a certain type of insurance policy called an exclusionary policy that is incredibly comprehensive. They are called this because it is usually easier for the company to list the things that are excluded instead of the things that are included. Usually, these types of policies are reserved for things like cars and RVs. However, some homeowners’ insurance companies have them as well. They can be very expensive, but if you are serious about protecting your barndominium, they are incredibly useful.
Interior and Exterior
Most barndominium insurance policies will include coverage of repairs for the interior and exterior of your home. This will include things like exterior damage due to vandalism, electrical issues, weather and other natural disasters. Standard barndominium insurance will cover damages that are incurred due to these things and help you get your home back to its original condition should these disasters happen.
Some barndominium insurance policies will also include extras such as coverage for accommodations while you wait for your home to be prepared. These coverages can be incredibly comforting to have on hand if you are faced with a disaster, so it is highly recommended that you make sure they are included.
Content coverage will help pay to replace the things that are actually inside your home. Generally, these will include appliances, furniture, clothing, electronics and other personal belongings. The contents of your home are just as important as the exterior, so make sure that any barndominium insurance policy you get includes these things.
Content coverage will also cover lawsuits filed by third parties who have been injured or have had property damaged inside the barndo. This is called liability coverage and is very important if you have pets since it will usually cover medical expenses if someone is injured by your pet while they are in or around your home. These are the kinds of things you want to make sure you are covered for if at all possible.
What Doesn’t Barndominium Insurance Cover?
The things that are not covered in your barndominium insurance will vary depending on the company and the policy you get. It is difficult to nail down precisely what individual policies won’t cover. However, there are a few exclusions that are more or less standard when it comes to what a barndominium insurance policy will not include.
For the most part, homeowner’s insurance policies won’t cover things like acts of God or acts of War. What this actually means will be determined by the insurance provider themselves. For example, sometimes an insurance provider will include hurricanes as an act of God, so if you live in a hurricane-prone area, make sure they are covered. You can also get certain insurance riders that will cover these extra events. These will make your policy more expensive, but they could be worth the money.
Barndominium Insurance Types
Actual Cash Value
Perhaps the least expensive type of barndominium insurance is called actual cash value insurance. This usually means that the policy covers what your home and your belongings are worth before they incur any damage. You will get an estimate of how much your home and your belongings are worth and you will then be covered for that much.
These types of barndominium insurance policies are generally the least expensive and they can be fine for people who are not going to live in a home for long or who live in a very inexpensive barndominium. However, if you plan on living in your barndo for the long haul, you may want a policy that is much more comprehensive.
Extended value barndominium insurance covers your belongings and the cost of your home, however, it also includes some important extras. Extended value insurance will also cover the cost to repair your home and even rebuild it. These are the policies that include the cost of accommodations should your barndominium become unlivable.
If you are going to be living in your barndo for a long time, getting a policy like this is a smart move. Since you are probably going to need to make repairs at some point, it is a good idea to be covered for that eventuality. Plus, you will be safe if you end up having to rebuild for any reason down the line.
How Much Does Barndominium Insurance Cost?
The individual cost for barndominium insurance will change depending on several factors. Knowing where you stand on these factors will help you get a good idea of whether your coverage will be expensive or not. These factors will determine the amount of risk that the insurance company feels like they’re taking on when they decide to cover your barndominium.
Past insurance claims will play a big part in your barndominium insurance rate. Your credit and the condition or age of the property will also have a large role in determining your premium. One thing that barndominiums tend to have an issue with is proximity to emergency services since they are usually out in rural areas. Be prepared to pay a little extra for your insurance based on this.
What to Look for in Barndominium Insurance
When shopping for barndominium insurance, only you can know what you might need the most and what you don’t need to be covered. By understanding what your risks are and what you are most likely to need to be covered, you can make the right choice. You should look for an insurance company or agent that understands what a barndominium is and what their issues tend to be so they can find you the right plan.
If possible, you should always get the best possible insurance policy you can afford. Being prepared for any eventuality is crucial as a homeowner and as uncomfortable as it can be to think about, should disaster strike, you will be glad that you are covered.
Hopefully, by reading this article, you have a good idea of what barndominium insurance covers and what it doesn’t as well as what to look for when you start searching for a policy. By understanding this, you can find the barndominium insurance that will be best suited for you, your family, and your new home.
Check out the rest of Barndominiums.co to get more helpful tips on barndominium living such as barndominium costs, financing, and what to expect when building one of these unique homes. Putting together your floor plan can also be easy and fun with our best barndominium design software.
There is so much more to learn and so much more in store for the barndo community and all the benefits it has to offer!