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The differences between dwelling fire insurance and homeowners policies might seem like they’re the same. However, each policy is designed to offer coverage for two different building types under different circumstances. Not all homes qualify for home insurance; others can be covered for additional perils by dedicated policies like fire insurance. Our Allen & Associates Insurance Inc. professionals in Albany, OR go further in depth.
Homeowner’s Insurance
Homeowner’s insurance covers your home and property against damage resulting from unexpected disasters. These policies include fire damage coverage to your primary residents and your goods inside. Most of your possessions are inside your primary residence, allowing your home policy to cover the home and most of its contents.
Dwelling Fire Insurance
For anyone who owns more than one home or has another one on their property or located elsewhere, homeowner’s insurance might not offer the coverage needed in fire damage incidents. Dwelling fire insurance kicks in for a home you don’t live in most of the time. These often include cabins, vacation homes, investment rental properties, and cottages. Essentially, you’ll want this coverage for any property you own that isn’t your primary dwelling.
Like homeowner’s insurance, your dwelling coverage covers the expenses associated with rebuilding or repairs caused by fire damage. Dwelling policies also protect any attached structures, such as garages, porches, and decks. It’s important to be aware that fire dwelling insurance won’t offer liability or any protection to cover any possessions inside the home, but that should be covered under your home insurance policy.
Don’t Get Burned: Invest in Fire Dwelling Insurance
Without fire-specific coverage, you could lose your entire real estate investment in the blink of an eye. To get more information or request a policy quote, contact Allen & Associates Insurance Inc. in Albany, OR, online, by phone, or stop by our office today.
