Dwelling Fire Insurance
When you own a home you’re not living in, it can be tough to find the right insurance coverage. Still, protecting your assets is essential. Just like you have homeowner’s insurance on your primary residence, you need coverage for a rental house, multi-family, vacation home, or any dwelling you own that you don’t live in. Luckily, there are options to protect your property from unexpected incidents like accidents, vandalism, theft, and natural disasters. Indeed, Massachusetts dwelling fire insurance is designed to protect homes other than your primary residence (like a rental) that you don’t live in full-time.
Coverage exists in varying levels, but usually includes liability protection, loss of rent coverage, and protection for other structures on the property. Choosing the right policy to fit your coverage needs is essential to ensure you have the protection you need in the event of a disaster.
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Massachusetts Dwelling Fire Insurance: LoPriore Insurance Agency
LoPriore Insurance Agency understands how much you put into your investment. Indeed, your additional property isn’t simply a dwelling. It’s an investment used to support your family or provide a hard-earned vacation from the demands of life. You can’t watch over your properties 24 hours a day, but they still need protection in case of an unexpected disaster. Without the right coverage, you’ll be facing the cost of repairs without the rental income you depend on.
At LoPriore, our motto is insurance that fits your lifestyle. We know that no two properties are the same and no two homeowners are facing the same demands in life. Instead of placing you in a one-size-fits-all plan with too little or too much coverage, we help you customize your dwelling fire policy to meet your unique needs. With our extensive portfolio of insurance companies, we offer a variety of insurance solutions designed to fit your lifestyle and budget.
WHAT IS IT?
Dwelling fire insurance is a policy designed to provide coverage for a home that isn’t used as the homeowner’s primary residence. Commonly used for investment properties, rental homes, or vacation homes, there are 3 types of fire dwelling policies. First, the DP-1 (basic form) is a named perils policy that covers losses due to fires, lightning, or internal explosion. The DP-2 (broad form) is a named perils policy that covers the perils named in the DP-1, plus a variety of additional perils. Lastly, the DP-3 (special form) is an open perils policy that covers all types of perils except those named in the policy.
WHY DO I NEED IT?
There are a variety of reasons a homeowner might benefit from a dwelling fire insurance policy. Indeed, most homeowner’s insurance policies don’t cover rental properties, investment properties, or those not used as a homeowner’s primary residence. A dwelling fire policy provides coverage similar to a homeowner’s policy.
WHO IS IT FOR?
Anyone who owns a house that isn’t their primary residence can benefit from dwelling fire insurance. In fact, some of the most common dwellings that benefit from dwelling fire insurance include:
- All types of rental properties
- Multi-Family Homes 1 to 4 units
- Vacation homes
- Older homes
- Vacant homes
- Lastly, seasonal homes
What Is Covered By Dwelling Fire Insurance in Massachusetts?
Similar to homeowner’s insurance, a dwelling fire policy protects a home and other structures on the property from damage that occurs due to covered perils listed in the policy. However, the coverage you have varies by the type of policy you choose. Typically, you can expect your dwelling fire policy to provide protection for covered incidents that damage the dwelling (home), other structures on the property, loss of rental income coverage, and liability coverage. Further, most policies include additional coverage.
Dwelling Fire Insurance Coverage Details
Sometimes called rental insurance, a dwelling fire insurance policy is often used by landlords to provide coverage for a home but not the possessions inside. However, the amount of coverage you have depends on the policy you choose. It’s important to ensure you find a policy that provides the coverage you need and the type of payment that works best for your lifestyle.
DP-1 Basic Form
A DP-1 policy is a listed perils policy that lists the incidents covered on the policy. The policy settles claims on an actual cash value basis. Additionally, this form is typically used for vacant properties. Coverage includes:
- Internal Explosions
Additional coverage can be purchased to enhance your DP-1 coverage. Indeed, optional endorsements for your DP-1 policy include:
- Vandalism and Malicious Mischief
- Extended Coverage which covers damage caused by hail or windstorms, other explosions, riots, aircraft or vehicles, smoke, and volcanic eruptions.
DP-2 Broad Form
The DP-2 policy is also a listed perils policy. A DP-2 policy provides extended coverage beyond that of a DP-1 policy. It also provides replacement cost value for settled claims. Then, the DP-2 policy begins with the same coverage as the DP-1 policy. It also includes:
- Extended coverage listed for the DP-1
- Damage from the weight of ice and snow
- Accidental overflow of water or discharge of steam
- Freezing Pipes
- Falling Objects
- Electrical Damage
- Tearing apart, cracking, bulging, or burning
- Lastly, it includes loss of rent coverage
DP-3 Special Form
The DP-3 policy is an open perils policy that covers all damage except those specifically excluded in the policy. It provides the most comprehensive dwelling fire coverage available.Then, if personal property is included in the policy, it is covered on a named perils basis. Exclusions on a DP-3 policy may include:
- Water Damage
- Laws and Ordinances
- Intentional Loss
- Mold, rust, rot, and other gradual decomposition losses
- Lastly, earthquakes
Additional Optional Coverage
Additional coverage might be available to extend your dwelling fire coverage. This additional coverage may be referred to as an endorsement. Indeed, optional coverage available for purchase may include:
- Personal Property Coverage
- Sinkhole Coverage
- Water Backup or Sumpcharge Overflow
- Ordinance or Law
- Limited Theft Coverage
- Equipment Breakdown Coverage
- Lastly, Service Line Coverage
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There are certain situations when dwelling fire insurance would be a preferable policy. Landlords often purchase dwelling fire insurance while their tenants have a separate renter’s insurance policy. Dwelling fire coverage is also used for buildings under construction, vacation homes that are not always occupied, and lower value homes that might be more difficult to get a homeowner’s policy.
No. Dwelling fire insurance provides targeted coverage that is considerably cheaper than the broad coverage supplied by a typical homeowner’s insurance policy.
No, dwelling fire insurance covers a list of perils included on the policy. These perils are often similar to those on a homeowner’s policy and may include vandalism, fire, explosions, and certain weather-related events. It’s important to remember that dwelling fire insurance only covers perils listed on the policy. While dwelling fire insurance is similar to homeowner’s insurance, it’s important to note that the contents inside the building will not be covered, only the structure itself.
Often, homeowner’s insurance policies are designed to cover owner-occupied homes. A dwelling fire policy can provide coverage for the home while the tenant secures a separate policy for the possessions inside. Dwelling fire coverage can also provide you with loss of rental income coverage if the house is deemed unlivable due to a covered incident.
Your independent insurance agent will explain the details of coverage when you purchase a policy. If you don’t think you have the coverage you need, you may be able to purchase additional coverage from optional add-on coverage or endorsements. For instance, if you’re in a high-risk area, you may wish to purchase flood insurance alongside your fire dwelling policy.
Learn More About Dwelling Fire Insurance
If you have a rental home or another home that doesn’t qualify for a typical homeowner’s insurance policy learn about a dwelling fire insurance policy from LoPriore Insurance to get the protection you need for your property. To learn more about the coverage provided by a dwelling fire policy or to get a quote for the policy you need, get in touch with our friendly agents today.
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