Dwelling coverage is the portion of your homeowner’s insurance that protects the physical structure of your home from common hazards. This includes not only the livable area of your house, but also attached structures like your deck, porch or garage. Since it covers anything that’s considered to be legitimately part of your home’s structure, it also covers things like built-in appliances.
When it comes to unattached features like a fence, gazebo or shed, though, dwelling coverage does not apply. Nor does it apply to the land on which your home is situated. As a simple rule of thumb for dwelling coverage, if a feature is not part of your home’s structure, it’s not covered.
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But Do You Have Enough Protection?
So, while dwelling coverage is an essential part of homeowners insurance, it’s not always enough on its own. You need something more for whole-home protection — something that protects unattached features, covers personal property, safeguards you from liability and shields you from loss of use while your property is being restored after a covered claim.
To ensure that your property, belongings and financial well-being are fully protected, you need to carefully consider a more comprehensive homeowner’s insurance policy.
Sometimes known as an HO-5 policy, comprehensive protection in home insurance refers to a policy that provides broad coverage for both the structure of your home and your personal belongings. This type of policy typically covers damage caused by a wide range of dangers, including fire, theft and natural disasters. It may also include liability coverage to protect you in the event that someone is injured on your property or if you accidentally cause damage to someone else’s property.
Total Coverage
So, where do you find comprehensive policies that will give you the protection you’re looking for?
Home policy can offer you a variety of coverage options, including increased limits (on some items) for personal property, liability coverage and additional living expenses in case you need to temporarily relocate due to a covered loss.
For even more comprehensive protection, consider Guaranteed Replacement Cost (GRC) coverage. This type of coverage ensures your home will be repaired or rebuilt to its original state and specs. This is particularly important in situations where your home may be undervalued for insurance purposes, as it can lead to significant out-of-pocket expenses in the event of a covered loss.
Trusted Experience
Understanding the ins and outs of homeowners coverage is crucial for ensuring your home is adequately protected, and comprehensive homeowners insurance is a great way to protect your personal belongings, unattached structures and financial well-being.
Article courtesy of: Erie Blog
