Dwelling Fire Insurance Policy

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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?
No—homeowner’s policies cover properties that are “owner occupied.” If your property is rented out to someone else, you need a dwelling fire policy.
Does the rental property policy cover my tenants belongings too?
No, your tenant will need to obtain a renter’s policy which covers their belongings as well as any damage they may be liable for to the property.
What happens if my rental property burns down?
Your tenant’s policy will pay for their “loss of use” or relocation, and your dwelling fire policy can cover up to a year’s rent in the case of a vacancy.
How expensive is a dwelling fire policy?
Each carrier is different and it depends on the property. Overall, they are some of the more inexpensive policies next to Umbrella and Tenant Insurance Policies.

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I Just wanted to tell you how much I enjoy working with Jackie Montes. She’s the best! She’s efficient, professional, and always on the ball. It’s a pleasure to deal with her!! She has helped me out tremendously with getting all our insurance requirements for the Compliance Depot (nightmare!) and I can always count on her to get my COI out in a timely manner. I never have to worry about anything when I deal with her.

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