Rental Property

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Rental Property Insurance

Rental Property

Your rental property is a huge investment. It can also come with a lot of unique risks. Dwelling fire insurance is designed to protect your investments from losses such as fire.

If you own multiple properties or have more than one house on your property, your regular homeowner’s insurance may not provide the coverage you need for these additional properties. This is where dwelling fire insurance steps in to help. It provides coverage for homes that you own but don’t live in as your primary residence. This can include rental properties, vacation homes, seasonal homes, or older homes.

At Avery Hall, we have a wide range of plans that can be specialized to your rental properties. Make sure that you are protected even when you’re not there.

Rental Property FAQs

  1. What does dwelling fire insurance cover?

Just like most insurance policies, dwelling fire coverage has varying levels of protection. Here are the three main types of dwelling fire insurance:

  • DP-1 Basic Form: Covers losses due to fire, lighting, and internal explosions (like a water heater).
  • DP-2 Broad Form: Covers the same losses as DP-1, but extends to also cover damage from vandalism, burglary, frozen pipes, electrical issues and more.
  • DP-3 Special Form: This is the most comprehensive policy. It covers direct physical loss, except for named exclusions such as flood, earthquake, and neglect.
  1. What is the difference between dwelling fire insurance and homeowner insurance?

Homeowners insurance protects your primary residence in case of an unexpected disaster. Your primary residence is where you spend most of the year living. Unlike homeowner insurance, dwelling fire insurance covers properties you own but don’t live in for most of the year. Dwelling insurance also covers attached structures like garages and decks.

  1. Does dwelling fire insurance cover loss of rental income?

Yes, if a covered loss causes enough damage to your rental property and the tenant must leave, then you may be reimbursed for lost income.

  1. Are my personal belongings covered under dwelling fire insurance?

Dwelling Fire coverage does not cover the possessions of the tenant inside the home. Rental property insurance, also known as landlord insurance, is designed to include dwelling, contents provided (such as appliances) and liability coverage.

  1. What does rental property insurance cover?

Rental property insurance covers:

  • Dwelling – Covers repairs/reconstruction of your rental property and attached structures.
  • Personal property – Covers your personal property located at your rental, such as furniture and appliances rented with or used to maintain the property.
  • Loss of rent – This would reimburse the lost income if your tenant had to leave due to a covered loss.
  • Liability coverage – This protects you financially from costly lawsuits.