Dwelling coverage is an important part of your homeowners or condo insurance policy. It covers your home's structure, installed fixtures, and permanently attached appliances. It helps you protect your residence structure and certain items attached to it. You may need to buy additional insurance to cover a fence, a detached garage, or other structure on your property.
Dwelling coverage on a condo policy is for the inside of the condo, the part you own. This includes any updates you may have made to the interior cabinets, flooring, countertops, etc.
We can help you find a homeowners policy or condo policy to meet your needs.
Why do you need dwelling coverage?
Dwelling coverage helps pay for rebuilding or repairing of the insured structure if it's damage by a covered peril. Along with your house, connected structures such as attached garages are often protected by dwelling coverage insurance. It differs from home insurance, which covers the surrounding land and detached buildings on the property around your home. Covered perils include damages from:
- Fire
- Smoke
- Lighting strikes
- Wind storms
- Hail
- Falling objects
- Vandalism
- Theft
- Damage from an explosion
- Damage from a motor vehicle
- Damage from a blizzard or snow, sleet, or ice
Your homeowners or condo policy will tell you what events it covers. Typically, detached pieces such as a separate garage, toolshed, pool, and fences will not be covered.
What's not covered by dwelling insurance?
Dwelling insurance normally doesn't cover damage from:
- Improper maintenance of the structure
- Floods
- Earthquakes
- Water back-ups
You may be able to purchase additional coverage for floods, earthquakes, and water back-ups. However, you should review your policy to see what is covered. Talk to one of our experienced agents today in order to discover the options available to you.
Condo dwelling coverage is not the same as home dwelling coverage. In condos, the building's property protection will pay for some damage, and the condo association may have an insurance policy that will cover other parts of building damage.
How Do You Calculate Dwelling Coverage?
If you need an estimate of the dwelling insurance costs in your area, contact us today! Generally, dwelling insurance limits should allow you to rebuild your home or condo back to how it was before it was damaged by a covered peril. Your estimate should be based on today's prices. One way to get an estimate is to multiply the square footage of your home by the average cost per square foot to build, but other factors can influence the price of coverage. You may also need to add an additional amount for cabinets, appliances, or special upgrades you have in your home. Do not include upgrades or additions you would like to make to the structure in this amount. You would not use the purchase price or the current market price to determine the limits.
You will also need to select a deductible for this coverage. This is the amount you will be responsible for paying in the event of a covered loss.
We're here to help. If you have any questions or just want to chat, call our licensed agents at (800) 841-3005. We'll help you get the coverage you need and answer any question you may have. You can also get a free online home insurance quote or condo insurance quote today.
Please note:
The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.
FAQs
Dwelling coverage is one part of your overall home insurance policy. It covers your home's structure —not its contents or land. Features like installed fixtures and permanently attached appliances are also covered.
Is dwelling insurance the same as homeowners insurance? ›
Dwelling coverage, sometimes called "dwelling insurance," is the part of your homeowners insurance policy that may help pay for the rebuilding or the repair of the physical structure of your home if it's damaged by a covered hazard.
What is the primary difference between a typical homeowners policy and a dwelling policy? ›
Explanation: The primary difference between a typical homeowners policy and a dwelling policy is that dwelling policies are designed for rental properties, while homeowners policies are for owner-occupied homes.
What is not covered under a dwelling policy? ›
Dwelling coverage only applies to structures attached to your main residence, meaning that detached garages, sheds, barns, unattached guest homes, fences, or any other detached structures are typically not covered under dwelling coverage.
What coverage a dwelling in the homeowners policy covers? ›
You can think of a dwelling policy as the part of homeowners insurance that specifically covers the structure of your home — the roof, windows, walls, floor and foundation, for example. Coverage typically includes damage to a home's attached structures, including porches and garages.
Why is my dwelling coverage so high? ›
Another reason your dwelling coverage might be higher than the sale price is if the home is in an undesirable area, which lowered the market value. Certain homes that are older may also yield higher dwelling coverage.
What are the three main types of property insurance coverage? ›
There are three types of property insurance coverage: replacement cost, actual cash value, and extended replacement costs.
What are the 3 types of coverage available in dwelling policies? ›
Dwelling policy coverages
- Coverage A (Dwelling): Covers the main dwelling, including attached garages or carports.
- Coverage B (Other Structures): Covers detached structures on the property.
- Coverage C (Personal Property): Covers personal belongings.
A duplex owned by a corporation is NOT eligible for Dwelling coverage. Dwelling coverage is a type of insurance that provides protection for the physical structure of a home or dwelling. It typically covers damage caused by fire, lightning, windstorms, hail, explosions, and other covered perils.
What are the 2 types of home insurance? ›
What are the different types of homeowners insurance?
- Dwelling coverage is the basis for all homeowners insurance policies. ...
- Contents coverage protects items including furniture and clothing in your home.
Home insurance deductible options will vary among insurance companies. However, most home insurance policy deductibles tend to be from $100 to $5,000. The average home insurance deductible is $1,000.
What is an example of a dwelling? ›
Houses, apartments, and condos are all dwellings. If you know that to dwell means to live somewhere, then the meaning of dwelling won't be a surprise: it's an abode, domicile, or home. Your dwelling might be a house or an apartment. Tents, trailers, and igloos are all dwellings. Anything people live in is a dwelling.
What does "covered dwelling" mean? ›
Covered dwelling means a dwelling that is occupied by a tenant pursuant to a residential lease or without a lease or with a lease terminable under State law, and is on or in a covered property.
What is the difference between homeowners insurance and dwelling? ›
Dwelling coverage is one part of your overall home insurance policy. It covers your home's structure —not its contents or land. Features like installed fixtures and permanently attached appliances are also covered. You can select enough dwelling coverage to rebuild your home at today's prices.
How is dwelling coverage determined? ›
There are several factors that insurance companies look at to determine dwelling insurance rates, including: The cost to rebuild your home. The materials that make up your home, such as stone, stucco, brick and wood. The age of your home.
What is the standard coverage for homeowners insurance? ›
Standard homeowners policies provide coverage for disasters such as damage due to fire, lightning, hail and explosions. Those who live in areas where there is risk of flood or earthquake will need coverage for those disasters, as well.
What are the two types of homeowners insurance? ›
What are the different types of homeowners insurance?
- Dwelling coverage is the basis for all homeowners insurance policies. ...
- Contents coverage protects items including furniture and clothing in your home.
What Is Homeowners Insurance? Homeowners insurance, also known as home insurance, is coverage that is required by all mortgage lenders for all borrowers. Unlike the requirement to buy PMI, the requirement to buy homeowners insurance is not related to the amount of the down payment that you make on your home.
Which residential dwelling is eligible for a homeowners policy? ›
The types of homes eligible for a Homeowners Policy include a dwelling under construction, one unit of a residential condominium complex, and a duplex occupied by the owner.
What does coverage a dwelling limit mean? ›
Dwelling coverage is the part of homeowners insurance that pays to repair or rebuild your home if it's damaged by a covered event, such as a fire or windstorm. Also called Coverage A, it covers damage to your home's roof, foundation, attached structures, and anything else that's considered part of the dwelling.
