If you' re interested in minimum home protection or rent your property, a dwelling policy is cost efficient way to go. We typically only offer a dwelling policy if the owner is a landlord. In fact, a dwelling policy is commonly referred to as “landlord” coverage.
Dwelling policies are ideal for seasonal residences with limited contents, rental properties, and investment properties.
A dwelling policy, often listed as “DP”, is very different than a standard homeowner’s policy.
A “dwelling” is insurance language for the structure being lived in. This type of policy is unique because it only includes the building if damaged by a covered peril. That means there is literally a list of things that will be covered. Anything not on the list, your insurance company will not cover. This is called named perils coverage, meaning the insurer only cover perils that are specifically named in the policy.
Some common covered perils in a dwelling policy are theft, vandalism, fire, wind and hail damage, and falling objects. Dwelling policies also cover attached structures like your porch, deck, fence or an attached garage. This policy also covers built in appliances like a furnace or water heater and permanently installed fixtures (countertops, cabinets, flooring).
Everything not specifically listed is not included in the insurance policy. Some of the more common items missing are other structures on the property or personal property. Dwelling policies do not cover damage due to the insureds failed maintenance of the property, flooding, earthquakes, water-backup, and sinkholes. The dwelling policy typically does not provide liability coverage for the residence.
Dwelling policy may make sense for a landlord who needs limited coverage. If you are looking for protection for your stuff inside the building, a shed or a detached structure like a garage or guest house, or liability coverage, you may want to head over to the homeowner’s policy blogs.
