As a homeowner, or landlord one of your biggest concerns is protecting your home and family or your investment from certain untimely or costly events, including fire. Dwelling fire insurance can offer much needed protection, and in the case of a fire, help you to cover the expenses to repair or replace the dwelling and damaged contents. Purchasing dwelling fire insurance will protect your financial assets by enabling you a way to afford these repairs.
What is Dwelling Fire Insurance?
Dwelling fire insurance is designed as a less expensive alternative to Homeowner’s insurance (Ho-3). It is especially suited to owners of dwelling rental properties where the primary protection needed is building and liability coverage. You should check your individual policy to find out exactly what is covered under the named peril section. There are different levels of coverage under your dwelling fire insurance coverage which will include different limit amounts and the details of exactly what will be covered under the policy may vary somewhat.
What Does Dwelling Fire Insurance Cover?
Dwelling fire insurance provides coverage for damage from fire and a wide variety of named perils. It covers the repair and replacement of the contents of your home as well as structural damage to the dwelling itself. Some of the typical named perils under dwelling fire insurance policies include lightning, vandalism, fire, windstorms, burglary, broken or freezing pipes, gas leak explosions, electrical malfunction, collision with aircraft or vehicles, and damage to others’ property. As part of the dwelling fire insurance policy, you may also get liability coverage for guests including any accidents they may while on the premises. In some cases, you can also get paid for additional living expenses while the dwelling is being repaired.
How Do I Know What Coverage I Need?
To decide what type of dwelling fire insurance policy will be most beneficial in your personal situation, we will use a variety of factors. This includes estimating the replacement or repair costs according to your home and the contents, using your most recent appraisal as a basis for the calculations.
Who Needs Dwelling Fire Insurance?
Anyone who lives in a home, whether owning or renting that home, should consider getting dwelling fire insurance. You never know what the cost of damage could be due to unforeseen events and perils, and the cost to repair or place the building structure and contents can be catastrophic. With a dwelling fire insurance policy, you are protecting your financial assets and avoiding possibly bankruptcy as a result of the fire or other natural disaster.
The most frightening thing about unforeseen events like fires, floods, lightning, and those caused by natural disasters is that there are few ways to prepare for them until it’s too late. However with the right kind of insurance policy, such as a dwelling fire insurance policy, you are giving your family the best chance at re-building your dwelling if something like this occurs.
