Home Insurance and What’s Covered in Your Garage and Shed

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Home insurance is an important part of protecting your family and property, but it’s important to know exactly what it covers. Does home insurance cover the items inside your garage or shed? The answer depends on where you live and the type of policy you buy. Riskbusters Insurance explains what home insurance covers when it comes to your garage and shed. 

Types of Coverage for Tennessee Home Insurance 

There are two basic types of coverage available through most Tennessee home insurance providers. The first is actual cash value, which pays for items at their depreciated value. This means that if something needs to be replaced after an incident, you’ll only get paid for what the item was worth at the time of the loss, minus any deductible costs you have to pay out of pocket. 

The second type of coverage is replacement cost coverage. This type of policy pays for items at their current market value, so if something needs to be replaced after an incident, you’ll be able to replace it with a similar item without losing money due to depreciation.

What Does Home Insurance Cover? 

Most standard Tennessee home insurance policies will cover items stored in your garage or shed as long as they are not excluded from coverage by your specific policy language.

Items like tools, lawnmowers, snow blowers, bicycles, and other outdoor equipment are usually covered up to a certain limit depending on the type of policy you purchase and what company insures your policy.

Contact Us Today

We hope we have answered your questions about covering your belongings stored in garages or sheds! Still have questions? Contact Riskbusters Insurance today.

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How Does High-Value Home Insurance Differ From Regular Home Insurance?

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If you own a luxury home with high-end building materials and finishes, you may benefit from high-value home insurance. At Riskbusters Insurance, serving homeowners throughout the state of Tennessee, one of the questions that we are commonly asked about high-value home insurance is how this type of insurance differs from regular home insurance.

Here are some of the key differences between high-value home insurance and regular home insurance:

High-Value Home Insurance Typically Has More Flexible Policy Language

One of the major differences between regular home insurance and high-value home insurance is the policy language. The policy language on high-value home insurance policies is typically more flexible compared to traditional home insurance policies. This gives you more freedom to select the included items and policy terms that make sense for you and your home. 

High-Value Home Insurance Typically Covers More Than a Regular Home Insurance Policy

The other major difference is that high-value home insurance typically covers more than a regular home insurance policy. High-end art that is often excluded may be included. And high-end finishes that may often be excluded from regular policies are often included under these policies. If you have high-end items in your home, a high-value policy may better fit your needs. 

Get The Right Coverage For Your Needs

You cannot prevent everything from happening. But, what you can do, is ensure you have the right insurance in case something unexpected does happen.

At Riskbusters Insurance, serving the entire state of Tennessee, we can work with you to help you find the insurance products and policies that are right for you and your needs. Schedule an appointment with us to discuss your home insurance needs and let us help you determine if regular home insurance or high-value home insurance may be the right fit for you. 

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Will Life Insurance Affect Medicaid Benefits?

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If you’re on Medicaid, it’s essential to know how life insurance could affect your benefits.

Some people mistakenly believe life insurance policies will disqualify them from receiving Medicaid benefits. However, that’s not necessarily the case. Owning a life insurance policy may help protect your Medicaid eligibility — and your loved ones would receive death benefits if something happened to you.

Riskbusters Insurance serves the Tennesee area and can help you understand how life insurance will affect Medicaid eligibility.

How Medicaid Works with Life Insurance

Medicaid is a government health insurance program that offers coverage to low-income families and individuals. To qualify for benefits, applicants must meet specific financial criteria. For example, applicants must have an income below a certain level and not have more than a certain amount of assets.

One common question that people have is whether or not life insurance will affect their Medicaid eligibility. The answer to this question is no; life insurance won’t affect Medicaid benefits. This is because life insurance is considered an asset only if it has a cash value. Term life insurance and small whole life policies are considered contracts of pure protection and are not counted as assets. This means they won’t affect your eligibility.

However, if you have a more comprehensive policy and the cash surrender value exceeds the allowable amount, it will be counted as an asset and could affect your Medicaid eligibility. The asset limit in Tennessee is $2,000 in cash or non-exempt assets. Therefore, if your cash surrender value is less than the $2,000 limit, you’ll still be eligible.

Contact Us Today

To get life insurance coverage in Tennessee, call Riskbusters Insurance. Our agents can help you choose the right type of insurance for your situation and explain how it could affect your Medicaid benefits.

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Required Commercial Insurance in Tennessee

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In Tennessee, the state mandates certain types of commercial insurance for Tennessee businesses. Your business may fall into the category of one that needs to have these commercial insurance policies. It’s important to know what is mandated and whether your business is included in that mandate. When you need commercial insurance in Tennessee, give us a call now at Riskbusters Insurance.

Required Commercial Insurance For Your Business

Workers’ Compensation Insurance

In Tennessee, this type of commercial insurance is required for businesses that have at least five employees. These workers may work part-time or full-time. The number of employees does include corporate officers, even if these officers are not covered by the policy. If your business is in the coal mining or construction industries, you have to have this commercial coverage for all employees no matter how many of them they are. When you have a workers’ comp policy in place, it pays for medical bills and other costs that are due after a worker is injured while at work. It also pays disability benefits for workers who need them after an injury. This insurance can help protect your company from liability.

Commercial Auto Insurance

When you own a business in Tennessee, and the business owns a vehicle, you are required to have a commercial auto insurance policy for that vehicle. This coverage protects you against the costs due after the work vehicle has been in an accident. There are several types of coverage that are required to be in these policies. These include an amount of coverage for one person’s bodily injury liability. Another amount for all of the injured parties is also required for this liability coverage. In addition, the policy must contain a property damage liability amount of coverage. If you run a trucking company, there may be other types of insurance you are required to have. 

Get Coverage Today

To get commercial insurance in Tennessee, call us at Riskbusters Insurance.

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Tennessee Homeowner’s Insurance 101

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Owning a home is a big responsibility. Homeowners need to manage maintenance, risks, and overall comfort and living conditions. Beyond the day-to-day basics, homeowners also need to choose an insurance policy that makes all these tasks possible and manages all the risks involved in ownership.

Riskbusters Insurance serving Tennessee can help you understand the basics of homeowners insurance, according to the Tennessee State Government.

Tennessee Homeowner’s Insurance 101

Dwelling & Structures

Structure-based insurance refers to policies that protect the physical building that is your home (dwelling), and may also include any outbuildings such as a garage, shed, barn, or guesthouse. Structures will need to be protected against physical damage from weather-related events and also 

Personal & Physical Property

Property insurance may refer to the land you physically own. Personal property insurance is the policy that protects your valuables and keepsakes inside the home and on the land. Personal property will help you regain the value of damaged or stolen items. 

Medical and Legal Liability

Liability insurance is the coverage you need (and you are often required to obtain) to protect persons on your property from harm. If a visitor were to get injured on a broken step, for example, liability insurance would help pay for that person’s medical bills and potential loss of work. 

Loss of Use

If your home is damaged, you may not be able to live there until the damage is fixed, such as after a flood, fire, or fallen tree branch. Loss of use can help you afford the cost of residing somewhere else until you can move back in.

Get Home Insurance Today

If you want to get started finding the right policy for your own home, contact Riskbusters Insurance serving Tennessee. We’re ready to provide you with a custom quote.

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