If you’re a guy, then chances are you want a man cave during some part of your life. It’s your escape from the hustle and bustle of reality, and let’s face it, there’s nothing better than kicking back in your chair with a snack and drink to watch the game on your big screen with surround sound. But renovating a room or basement into a man cave can be a serious investment of time and money, so you want to make sure that your CT homeowners insurance policy will have you and your cave fully covered should an accident or a claim ever occur.
What coverage do I need?
As previously stated, installing a man cave can be a large investment. So much so, that the average cost of remodeling a basement (where most man caves exist) is around $63,000. Yes, you read that correctly.
Now that’s including a complete remodeling of the walls, flooring, and any appliances added in. So with this steep investment that you’re about to take, you should first make sure that you have your homeowners insurance squared away.
You will want to look at flood insurance if the cave is in the basement. Because let’s face it, flooding is the cause of the most expensive repairs in the United States, and with summer quickly approaching, now is the time to make sure you’re covered, more than ever.
Just to really hammer home our point, the average flood loss damage is around $48,000. But an important fact to keep in mind is that most flood insurance policies do not cover personal property kept in basements. So if your man cave is located in your basement, you may want to consider adding an umbrella policy to protect the items in that space. We also highly recommend you add all valuables kept in your cave to your home inventory list, so that in the event of a claim, everything is properly accounted for and you can be reimbursed faster.
You will also want to look at your personal liability coverage. Your personal liability coverage is a standard component of your homeowner’s insurance policy and covers your current and future assets if you are ever found to be legally responsible for property damages or bodily injury.
Personal Liability can help cover:
- A visitor injures themselves at your home and you are responsible for their medical bills.
- Any pain or suffering endured by a person who is injured at your home.
- If someone is injured on your property and they are unable to return to work, this coverage can help cover the lost wages of that individual.
- In the event that someone is killed due to an accident on your property.
The important thing to remember is that personal liability coverage will only pay up to a certain dollar amount stated within your policy. It’s important to remember this when adding a man cave to your home and consider increasing those limits if you plan to be entertaining more within that space.
When it comes to adding a man cave to your home, at Paradiso Insurance, we want to make sure you’re protected. Give us a call at 860-684-5270 or send us a message here and our licensed agents will work with you to determine the amount of coverage you need for your man cave.