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There’s no doubt that there’s an overwhelming amount of information online regarding Dwelling insurance. The important thing is to separate the misinformation from your "insuring agreement". Here are a few facts your should know for understanding homeowners insurance in a smart and reasonable way.
The dwelling insurance policy provides property coverage for the dwelling and its contents. Many of the coverages found in the dwelling policy are found in the homeowners’ policy, but there are some differences. The dwelling policy tends to provide narrower coverage than the homeowners policy. The insured under the dwelling policy is the named insured and the spouse, if a resident of the same household.
The DP-03 dwelling policy form is the broadest and provides coverage for the dwelling, other structures, personal property, fair rental value and additional living expenses. In addition to these coverages, the policy provides additional coverages for reasonable repairs, property removed, fire department service charges, debris removal and coverage for trees, shrubs, and other plants. The dwelling forms do not provide coverage for liability, theft, or medical payments. However, such coverages are available through a personal liability supplement endorsement and a theft endorsement.
This amount of insurance applies to the dwelling described in the policy and any attached structures. Building equipment and outdoor equipment used for servicing of the building and located on the described premises is also covered.
This coverage applies to detached structures such as a garage or storage shed. The limit of insurance coverage is set at 10% of the dwelling limit for loss to other structures.
This coverage applies to personal property that is usual to the occupancy of a dwelling. The coverage applies to personal property owned or used by the insured or resident family members, while the property is on the described location. The limit of insurance for this coverage is chosen by the insured.
Fair Rental Value
Under the broad and special dwellings forms, coverage is provided for fair rental coverage for that part of the residence premises that is rented or held for rental to others. If a loss occurs under coverage A that makes that part of the premises unsuitable for living, this coverage would pay the lost rental value. The limit of insurance is 10% of the dwelling limit. Fair rental value is the amount of rent that could reasonably be charged for the premise.
Additional Living Expense
Under the broad and special dwellings forms, coverage is provided for additional living expenses in the event of a loss under Coverage A. If the insured was to temporarily lose use of the dwelling, this coverage would apply and payment could be made for expenses incurred to live elsewhere following a loss that makes the dwelling unsuitable for living.
The dwelling policy has a standard deductible of $250.
Personal Liability Supplement
Liability coverage is not automatically included in dwelling policies; however, coverage is available by adding a personal liability supplement to the policy. Liability coverage can be added for a residence premise as long as the insured resides in at least one of the family units; the residence premise can be a three or four family dwelling. The limit of liability is $100,000 per occurrence. Coverage is provided for bodily injury and property damage. Medical payments coverage is also included in the liability supplement. The limit for medical payments is $1,000 per person. The coverage will pay the necessary medical expenses for bodily injury of others when caused by action of the insured.
Residential Theft Coverage
Theft coverage is not automatically included in dwelling policies; however, coverage may be added with a broad theft coverage endorsement or a limited coverage endorsement. The limited theft coverage endorsement is available for dwellings that are not owner-occupied. The broad theft endorsement is only available to owner-occupied dwellings, and can apply to on and off premise theft. Both endorsements provide coverage for theft, attempted theft, and vandalism or malicious mischief as a result of theft. Special limits apply to certain personal property, and certain property is excluded on both endorsements.