Henrich Insurance Group

Man With BarbellA home gym can be a great investment for your health and your pocketbook when compared to the cost of long-term health club memberships. But without the right insurance and safety measures, your home gym could be a lot more expensive than it seems.

Invest in Umbrella Liability

Umbrella liability insurance policies extend the limit of your liability protection. They pick up claims that exceed the limits dictated in your home insurance policy. This is important when you have a home gym because you may have friends or nonresident family members over to use your equipment. If they are injured while doing so, it could create an expensive liability.

Adjust Your Contents Coverage

Home gym equipment is expensive and that expense should be reflected in your home insurance policy. When adjusting your limits to account for this additional cost, consider whether your policy pays out on an actual or replacement value basis. If it pays on an actual value basis then consider how depreciation will affect the total loss. On a replacement value basis, consider the cost to purchase new items to replace those that are damaged.

Adjust Your Dwelling Limits

The overarching limit of your home insurance policy reflects the estimated rebuilding costs should your home become completely damaged during an insurable incident. A home gym is a specialized area within the house that needs special material in order to complete it. This could increase the overall expense of rebuilding your home and may justify an increase in your dwelling limits.

Don’t Forget to Take Appropriate Safety Measures

One way to avoid any insurable incidents and home insurance claims is to take safety measures within your home gym. Invest in nonslip flooring and a smoke detector for the room. Make sure equipment is properly spaced and that anyone who uses it is properly trained in the equipment’s function as well as the correct form when using it. Finally, set up a buddy system so that no one uses the equipment without a spotter.

If you have questions about how a home gym or other custom home modifications can affect your Houston home insurance, give us a call at Henrich Insurance Group today.

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