View Full Version : Updating Homeowners Ins once Barn goes up?

TB Fan
Dec. 30, 2010, 09:39 AM
We bought a house about 18 months ago. Spent the first year clearing a couple of acres and basically setting up the house. Over the last 3 months, we've built a barn (all with proper permits, worked off a purchased set of barn plans etc etc). My hubby and family friend have been building it part time. They will be finishing the roofing over the next couple of days - thank you early Jan thaw.

The barn is 36x48, center aisle, 6 stall plus separate tack and feed. Hubby suggests I get on the phone with ins agent asap to get the barn insured/covered. What can I expect when talking to the agent? I've had a couple of bad experiences with ins companies, so I'm not one to go running to them with a pocketful of money only to find out I'm not covered when I need them. Is there any advice you guys can give me before I make the call?

Dec. 30, 2010, 09:53 AM
Over here in NY, our homeowners assigned our 12-stall barn with a heated tack room a value of $30,000...not sure that would even cover the raw materials if we had to rebuild! However, there is a standard formula that they use to value "outbuildings" such as barns, garages, sheds, etc. under residential policies and most companies will not deviate from it.

Once we switched to a farm policy under Farm Family, we were able to up the coverage to replacement value, but we went from paying $700/year for homeowners to $2100 for a farm policy. Even if your barn is for private use only, be prepared for sticker shock when you ask to have it covered at replacement value and you may have to get an entirely separate policy. Good luck!

TB Fan
Dec. 30, 2010, 11:11 AM
Thanks for the feedback. Yes, the barn will be private use only. I only have two, but I went a little larger. I am so not looking forward to this call esp since the building hit the local tax records as well! CT is such an expensive state to live in!

Dec. 30, 2010, 01:18 PM
Call the agent NOW. If you get bad storm that blows down what you've built you'll be reallly unhappy.

They will ask you for photos and may send someone out to look at it. Then they'll add the structure and give you a price. If you don't like the price you can shop the risk with other companies.