Higher Living Real Estate, LLC
Kay Wallace, Higher Living Real Estate, LLCPhone: (843) 516-0255
Email: [email protected]

How to protect your home with dwelling insurance

by Kay Wallace 05/21/2023

house with text over top

Your home provides a safe space to live. What happens in the case of an emergency that compromises your home? Financially protecting your home can safeguard your space if perils arise. 

Dwelling insurance is the part of your homeowners insurance policy offering protection for the structure of the home. This article provides a basic guide to understanding dwelling coverage, policy scope and requirements. 

What is dwelling coverage?

If your home structure is damaged, dwelling coverage provides financial compensation. Your insurance policy would offer an estimate of the damages and provide funding for the cost of repairs. 

Your home structure includes walls, flooring, roof, foundation and windows. Sometimes dwelling insurance also covers attachments to the home, like a porch, garage, or deck.

How much dwelling coverage do you need if you own a rental property?

Rental property owners need a specific type of dwelling insurance for landlords. These policies generally include:

  • Liability coverage if the tenant is injured on the premises. 
  • Financial compensation for standard damages to property structure. 
  • Coverage for personal items being used by the tenant. 

Tenants should have renter’s insurance as well, as landlord's dwelling insurance won’t cover their personal items.

Is dwelling coverage required?

Dwelling coverage isn’t a requirement. However, most mortgage lenders do require dwelling insurance if you’re financing your home through them. Not only does it protect homeowners, it protects the lender’s investment.

About the Author
Author

Kay Wallace

I am passionate and dedicated to achieving results that enhance your lifestyle and well being. If you’re looking for a realtor that listens to your needs, responds quickly and has your best interest in mind, look no further. I will treat your money as if it is my own and help guide you in your real estate process with open eyes.

With over 15 years experience in the real estate industry, specializing in all aspects of the Residential Real Estate market to include resale, new construction, relocation, investment & first time home buying.

My real estate career is not just a business to me...it’s my Ministry.

I look forward to meeting you!