Dwelling Fire Overview
If you own a rental property, you are aware it can be a risky business. We’ve seen it all from our clients on the North Shore and Boston. That is why having an additional fire insurance policy for your properties is a must-have. Troublesome tenants, unnoticed maintenance needs, damage to your property are all chances you take as soon as you let someone into your space. Don’t risk a loss or lawsuit on your property or income–your protection on your rental property is just as important as the insurance on your homeowner’s policy.
Dwelling Fire Insurance Key Facts
Dwelling fire policies are for Actual Cash Value, not Replacement Cost, meaning your home will be replaced for the value plus depreciation, instead of the true replacement cost. This is the most major difference from a homeowner’s policy, and to counter-act the lower coverage, we recommend you add endorsements and have an umbrella policy to make sure you’re covered across the board.
You may even require your tenants to carry a renter’s policy, but that only protects them from liability and personal belongings–it does not protect you from damage to the structure or liability, so if anything should happen, you’re still on the hook.
Dwelling Fire Insurance covers you for properties you own but don’t live in. Also known as fire home insurance or condo home insurance, this is the kind of policy you need for your income property.
If you have a second home you rent, seasonal property, or a rental property, you should be covered with a Dwelling Fire policy.
Dwelling fire policies generally cover your structure, attached and detached structures, making them relatively inexpensive. Then you can add on coverage you need specifically.
Frequently Asked Questions
Doesn’t my homeowner’s policy cover my additional property?
Does the rental property policy cover my tenants belongings too?
What happens if my rental property burns down?
How expensive is a dwelling fire policy?
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