Dwelling Fire, Renters, Mobile Home and Condos

Dwelling Fire

If you own a house which you do not occupy yourself, you need a dwelling fire policy. Dwelling coverage is very similar to homeowners coverage, except that it does not cover your tenant’s belongings. There is a small amount of coverage for the owner’s property, such as refrigerators or stoves.

It is very important to keep your rental property insured to value; have an agent do a cost estimator every few years to make sure you are insured sufficiently.

Other coverages, such as Loss of Rents or Ordinance and Law can be added to a dwelling fire policy for an additional premium.

Renters Insurance

It is the responsibility of a tenant to make sure they have adequate coverage for their personal property against claims arising from fire, theft or vandalism.

Coverages include personal property, loss of use if they are misplaced from their home, personal liability if someone is injured while in their home and medical payments for third party injuries.

High value possessions need to be scheduled, such as jewelry, furs, cameras, musical instruments, stamp or coin collections, fine arts, guns and silverware.

Manufactured and Mobile Home Insurance

Policies for manufactured and mobile homes are very similar to regular homeowners polices, except that older homes are per default insured for actual cash value. This means, if your home is worth $250,000 but it would take $350,000 today to rebuild it, you would have to pay the $100,000 difference. The policy can be endorsed to cover the replacement cost if needed.

Condominium Insurance

Since the condo itself is usually covered under the homeowners association, condo insurance covers everything from the inside walls in. This means that any cupboards, flooring, appliances, etc. are insured through a condo policy.