Blue Squares background

What Is Dwelling Fire Insurance?

Fireman stuff - Nickerson Insurance

Who is Dwelling Fire Insurance Beneficial For?

Dwelling Fire Insurance is beneficial for many homeowners. If you happen to be an owner of a vacation home, rental property, or an older home, this policy may be for you. If the secondary homes you own are vacant, you may also fall under this category. 

This policy is for someone that has a second property that isn’t their primary living residence. Despite the name, Dwelling Fire Insurance covers more than just fire insurance on the property. 

If the second home you own is ever damaged by a fire, falling objects, vandalism, or other severe weather conditions, dwelling coverage is there to pay for the repairs or pay for the rebuilding of the structure of the home. 

Dwelling Fire Insurance is similar to a homeowners policy, except this coverage is created for a property that is not your primary residence. When severe damage is done, this policy is here to make sure your pockets aren’t hit with the large cost of rebuilding. When crafting your coverage, you can even include the costs of things that landlords typically run into.

What Coverages Are Included In Dwelling Fire Insurance?

Personal property: If your personal items like furniture, clothing, and electronics are ever damaged during a fire or earthquake, the cost of replacements may be covered in this policy. 

Detached structures: If structures like garages, fences, and sheds on your property are destroyed by a fire or other weather conditions, the cost of repairs may be covered by this policy. 

Loss of Rent: If you’re a rental property owner and you are unable to rent due to damage done to your property, you may receive reimbursement for a portion of the lost rental income. If tenants are forced to move out while repairs are done, your coverage will also reimburse the landlord for rent during the process. 

Premises Guest Liability: If bodily injury or property damage is done to guests on your property, this policy may provide coverage. This is beneficial for those who own rental properties.

Special coverages: include damages from water damage, mold, rust, freezing pipes, broken glass, hail or windstorms, explosions, riots, smoke, earthquakes, and volcanic eruptions. 

Additional Coverages In This Policy

As you update your property with improvements, it may increase the amount of coverage you need. Even minor improvements you make to your property can change the cost of rebuilding. So it’s best to include those improvements in your coverage. 

It’s recommended to annually review your coverage and reassess how much repairs and rebuilding will cost you. Remember, the current value of your property is much different than the cost of rebuilding and replacements. 

The cost of rebuilding changes with our economy. The cost of materials, labor and other factors can make rebuilding more expensive than the current market value of your property. Your dwelling coverage depends on the estimated cost of rebuilding so you need to stay proactive and make sure your policy remains up to date.

Dwelling fire insurance can be personalized to meet your individual needs. We’re here to answer any questions you may have.

If you’re looking into Fire Dwelling Insurance, Nickerson Insurance can connect you with a qualified insurance agent

Protecting your home is essential and that’s why Fire Dwelling Insurance is needed. When you connect with our team, we can help you find the best insurance plan to meet your needs.

Get a Quote

About the Author

Leave a Reply