Residential Rental Property Insurance (Dwelling Fire Policy)

This type of policy covers houses or apartments that are NOT occupied by the owner. Coverage includes the building, liability protection and loss of rents. A wide array of options and coverages are available to fit your needs.

Keep in mind…

• A homeowner’s insurance policy will NOT cover damages to a home that the policy holder is not living in.
• Most dwelling fire policies DO NOT cover personal property because the policy holder is not an occupant of the home. We can add personal property that belongs to the owner, such as; appliances, furniture, etc. to the policy.
• Dwelling fire policies can be written to include other structures on the property such as; sheds, shops, unattached garages, fences, swimming pools, etc.
• If a covered peril leaves your rental home uninhabitable, a dwelling fire policy will cover up to a year’s rent for the vacancy.
• Some insurance companies offer basic form, some offer broad form and some offer special form for rental properties. Keep that in mind and ask the agent which form they are quoting and what it covers when you are shopping for insurance.
• Some policies pay replacement cost and some depreciate and only pay actual cash value at the time of a loss. It is very important that you know which type of loss settlement that is being offered when you are making a decision as to which company to buy your insurance from.
• If you have a dwelling fire policy, keep in mind that if the home becomes vacant for a certain period of time, (read your policy’s vacancy clause to know how long), you will lose very important coverage including vandalism and malicious mischief. It is extremely important that you contact your agent to have them rewrite the policy for a vacant dwelling in which they can add important coverage back that would be excluded under the occupied dwelling fire policy.