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Dwelling Insurance

Dwelling Insurance

1st Quality Dwelling Insurance

1st Quality Insurance Group makes it easy to find the best Dwelling Insurance for your seasonal home, vacant dwelling or rental property. A 1st Quality insurance consultant can provide you with the best coverage and lowest rates available with maximum discounts applied through leading insurance companies.

If you own 10 or more properties, we can also help with that with a quote on a special scheduled dwelling policy.
We will shop and compare for you, all you have to do is pick the right policy for you. Save on dwelling insurance that provides board coverage protection for your investment. Let’s get started now!

What Is Dwelling Insurance?

What dwelling insurance is. Dwelling insurance is a type of insurance that covers the structure of your home and the personal property within. It’s similar to homeowner’s insurance but less comprehensive. There’s a bit more to dwelling insurance, though, than just that. Dwelling insurance can be purchased to cover the home you live in, or it can be purchased for homes that you own and don’t need comprehensive coverage on, for example a rental property or vacation property. But don’t worry, we’ll get more into that in a moment.

Furthermore, that dwelling is only covered against certain “named perils,” including lightning, fire, wind damage, hail or sleet, sinkholes, riot, smoke damage, and explosion. There are other additional dwelling insurance perils that you can add, but the ones we just listed are usually standard. Others perils include burglary or theft (when something that’s part of the structure is stolen), vandalism, earthquakes (in some states), and a few others.

When some sort of peril occurs the dwelling insurance will pay for the rebuilding of that structure, or portion of that structure that’s been damaged. The building material and labor is all the insurance will cover.

It’s also important to realize that anything attached to the main portion of the home is most often what’s considered the structure. This can mean an attached garage, a porch or deck, etc. Anything that’s attached to the main physical structure of the house. Unattached garages, guest houses, and sheds aren’t typically covered. Therefore, you would have to add any of those structures separately to your policy in order for them to be covered and replaced or repaired if necessary.

If You Own Rental Property Dwelling Insurance is a good option

When you own a rental property that is separate from where you reside, you don’t typically have any possessions in the rental property. So having full coverage is basically unnecessary, you really only need insurance on it to cover damages that the renters would cause to the structure.

Since the rental property is a part of your income and your livelihood, you’ll want to be sure that the structure of the property itself is covered. This is a prime example of when dwelling insurance is a good idea.

This is called tenant occupied dwelling insurance. With this type of dwelling insurance there will likely be additional named perils that you’ll want to add to your policy. Things like protection against burst pipes, water damage, broken glass or windows, vandalism, etc. These are things that will occur more likely because of the fact that there are people renting the property.

There are some homeowners who are unable to get standard homeowners insurance for various reasons including past claims, bad credit, poor property conditions, etc. For those who are unable to get standard homeowners insurance there exists owner occupied dwelling fire insurance so even if your past history or home’s condition disqualifies you from standard insurance, you can still purchase dwelling insurance and protect your assets.

So if you’re a landlord or you own rental property and you were asking “what is dwelling insurance,” hopefully you understand now. More importantly, you now probably realize that you need it. You may even realize that you currently have a policy where you’re over-insured and paying more than you need to. With a rental property you really only need to cover the physical structure of the home, not the contents of the home, but you will probably still want liability insurance, too.