Unexpected things can happen to your home, office, or barn. Often, these buildings are filled with valuable assets or essential items. Insurance is crucial for ensuring you have adequate coverage in an emergency situation, whether it is a break-in, fire, or extreme weather event.
Severe weather, like tornados, hurricanes, or extremely high winds, can compromise a structure. Even the most reliable post frame structure can be damaged or even destroyed. What will you do if heavy snowfall overwhelms your roofing structure, hail dents the metal roofing panels, or high winds impact the structural integrity of your overall building? Will your insurance cover the damage to your post frame building?
Insuring Your Barn Against Weather Damage
At this point, having a precise and complete estimate of the cost to rebuild the structure is essential. Outside resources can assist with this, so connect with local post frame builders to ensure your policy is up to date.
It may also be necessary to replace the contents of the building, which can require additional coverage. Either include coverage for the contents of the building with your primary policy or enact a separate one.
Know Your Policy Completely
Make sure you completely understand your insurance policy. Review your policy for any gaps in coverage that may exist and determine how to address them. If your structure is a stand-alone barn, for example, make sure the entire structure has coverage under a policy or policy package.
Your residential policy may cover post frame buildings that are smaller workshops or a garage near your residence. Make sure the amount designated for replacement is sufficient. Itemize the structure and as much of the potential contents as possible for your policy. Your itemization should include specifics like model, year, serial numbers, and any other detailed descriptions, especially for specialized tools and equipment.
Remember, in case of disaster, you will likely only receive reimbursement for what is on the policy. You can consider purchasing a “blanket” policy that will cover the structure and all that it may contain. However, this will not include coverage for specialized items or large machinery.
Assess the Actual Cost Value and the Replacement Cost Value
The actual cost value (ACV) of your post frame structure is the original cost minus the total depreciation of the structure. Over time, the exact value will diminish. However, as we know, the replacement cost will likely increase. After several years, a post frame building with severe damage may not be covered for the money needed to repair or replace it. If this occurs, you may be out of pocket for much of the cost. This is why keeping your policy current and up-to-date is beneficial.
Alternatively, when the replacement value cost (RCV) applies, the owner’s cost should be zero.
Filing a Claim
When losses occur, the owner should document all the damage as soon as possible. Take photos and forward them to the insurance agent right away. Photographs are proof of the damage and will expedite the claims process.
You will need to contact a reliable post frame company for a quote to repair or replace your structure. Once you submit the quote, a final approval should be forthcoming. The post frame building expert may have to provide proof of their estimate to the insurance company to proceed with the work.
Keep It Current
Be sure to always keep your insurance policy current and accurate. Moreover, letting the insurance policy slide without an annual review may mean you miss some features that change. Certain additions or changes in the property value are details you should update and document.
Work with Pacemaker Post Frame Buildings
Having experts on hand can eliminate a lot of headaches. Pacemaker Post Frame Buildings in North Webster, Indiana, serves individuals in Northern Indiana, Southwest Michigan, and Northwest Ohio.
With decades of experience, the experts at Pacemaker can provide insight, estimate values, and provide meaningful direction along the way. The professionals at Pacemaker work with insurers continually and can help you make the right decisions.
For more information, visit the Pacemaker Post Frame Buildings website.
Or if you need to speak with a professional, call Pacemaker at 1-888-834-4448.
