A wildly popular addition to homes, especially when the kids move out, is the man cave. These are rooms where just the men can hang out, shoot pool, watch sports and have their own space. Unfortunately though your average homeowners insurance finds it to be a big liability and it can be a very costly room to insure.
While most are in basements, some garages can even be converted into the man cave. This comes at great expense being that the average basement remodel is roughly $63,000. That is a steep price in an area that could be destroyed in the event of a flood. So that large investment will cost a lot more to protect. Most man caves contain pool tables, foosball tables, large televisions with sound systems, furniture and more. You will find that the majority of those items in the basement, man cave, are not covered by your homeowners insurance policy. So this goes beyond the man cave and applies to all basement items.
So what does this mean? Well even if you have a flood insurance policy you most likely have a maximum $20,000 in coverage in addition to whatever your homeowners insurance covers, which is typically $10,000. So that leaves you with a lot of out-of-pocket expense to replace whatever is stored there and down there for entertainment and recreational purposes, any tools or other appliances etc. Basements converted into bedrooms could even add up to more in the event of flooding, fire or other unforeseeable damage.
Before making improvements of this nature it is in good practice to contact your insurance company and see what coverage is available, what it will cost and how you can cut down on expenses when renovating. The nicer the renovation, the bigger the liability and the more it will cost to protect.