Homeowners purchase insurance policies to pay for expenses related to property damage and sudden liabilities or losses. Homeowner’s insurance and dwelling insurance coverage both present adequate protection for a home. However, these policies don’t provide the exact same type of coverage. Reviewing the key differences between dwelling insurance and homeowner’s insurance explains why you need both policies.

What is Dwelling Insurance?

Dwelling insurance covers just the structure of the property. It is an inclusion in a homeowner’s insurance policy, or the insurance can be purchased to cover a rental or vacation property. It covers the property and nothing else. The property owner can get funds to cover repairs or replace the property if it is destroyed by using this policy. The terms of the policy outline whether the owner can get true replacement or the market value for the home if it is a total loss. Property owners can learn more about the coverage by contacting Garrity Insurance for more information or a free quote today.

What is In Homeowner’s Insurance?

Homeowner’s insurance offers protection for the dwelling, but it also provides liability protection. Liability coverage for personal injuries provides protection for the property owner if a visitor or utility worker is injured on or inside their property. The policy pays for the medical costs of the injuries and might provide some compensation if the individual lost wages. Homeowners can get assistance if their dog attacks a visitor, too. However, they must get coverage specifically for their dog according to its weight and breed.

The liability coverage can prevent the property owner from facing a lawsuit if the victim’s costs aren’t paid. However, in these personal injury cases, it is necessary for the victim to prove that they were not breaking the law and had a lawful reason to be on or in the property. Utility workers, for example, must come onto the property to read the meters and manage utility lines. A visitor, on the other hand, must have permission from the owner to be on the property. If a claim is filed and the visitor was trespassing, the victim won’t receive coverage or damages.

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Protection for Structures Connected to the Property

Protection for structures connected to the property gives the property owner added coverage for garages, decks, and swimming pools. Typically, it doesn’t cover structures that aren’t connected directly to the property such as sheds or barns. However, the property owner could get a rider to include these additional structures. The policy will pay for repairs and the replacement of these installations according to their value. However, the structures must have been damaged by an event that is included in the policy.

The Homeowner’s Personal Belongings in the Property

The homeowner’s personal belongings in the dwelling are protected under the homeowner’s policy, too. The terms of the policy specify the valuation for specific items such as clothing, electronics, appliances, and furniture. The valuation shows what the homeowner would get if their personal belongings are damaged in a natural disaster or fire.

Homeowners with more high-end items, such as diamond jewelry, artwork, and antiques, will need to add a rider to the policy. The rider includes an appraised value of each item that shows how much the property owner would get if the items are lost, damaged, or stolen from the home. Insurers recommend getting riders for all items that are of higher than average value to maximize their protection.

True replacement value is another consideration when starting a homeowner’s insurance policy. With true replacement value, the homeowner gets a replacement for items such as electronics or appliances. The policy pays for a replacement of the same model the homeowner had at the time of the covered event. If the same model isn’t available, the policy would pay for the most recent release of the product. The property owner would need to show the exact cost of the item to their insurer. This applies to televisions, surround sound systems, desktop computers, and laptops. All typical appliances found in a home are also covered including the stove, refrigerator, washing machine, and dryer.

Coverage for Their College Students

Coverage is available for college students who lived in the home prior to moving into the dorms. The coverage applies to any of their belongings that the student takes out of the home. This includes furniture, electronics, and personal belongings. The coverage will replace these items if they are damaged, lost, or stolen. However, there are some limitations on how much coverage is applied to these items.

The student would be required to complete an insurance claim according to what generated the loss. If property damage at the dorm caused the loss, the dormitory is responsible for replacing the items that were lost. However, the homeowner can file a claim to collect funds to replace the items if a covered event happened.

Temporary Housing Allowance

Temporary housing allowance is used to provide funding for an apartment or temporary home until the homeowner can return to their home. It is available when the property owner is displaced from their home because of a fire or natural disaster. The rate of the temporary housing allowance is established when the property owner sets up the policy. They can increase the funds at any time to ensure they have adequate funds for housing and necessities until they can go back home. There are limits on the total amount the homeowner can receive at any given time.

Homeowners purchase homeowner’s insurance policies to cover their primary home. Dwelling insurance is a part of the homeowner’s insurance policy, but it can be a completely separate policy, too. The dwelling coverage applies to the property itself. Homeowner’s insurance protects the home, the owner’s personal belongings, and structures connected to the property. It also provides liability coverage for accidents that could happen on or inside the property, including slip and fall accidents and dog attacks. Comparing what is available through each policy helps homeowners make better choices about insuring their investments.