Your home provides a safe space to live. What happens in the case of an emergency that compromises your home? Financially protecting your home can safeguard your space if perils arise.
Dwelling insurance is the part of your homeowners insurance policy offering protection for the structure of the home. This article provides a basic guide to understanding dwelling coverage, policy scope and requirements.
If your home structure is damaged, dwelling coverage provides financial compensation. Your insurance policy would offer an estimate of the damages and provide funding for the cost of repairs.
Your home structure includes walls, flooring, roof, foundation and windows. Sometimes dwelling insurance also covers attachments to the home, like a porch, garage, or deck.
Rental property owners need a specific type of dwelling insurance for landlords. These policies generally include:
Tenants should have renter’s insurance as well, as landlord's dwelling insurance won’t cover their personal items.
Dwelling coverage isn’t a requirement. However, most mortgage lenders do require dwelling insurance if you’re financing your home through them. Not only does it protect homeowners, it protects the lender’s investment.
Marilyn Mayberry has had the honor and privilege of engaging in one of the most exciting careers imaginable. She has marketed the American dream of home ownership for over 40 years. Marilyn is the Associate Broker for her own boutique brokerage Real Estate Today LLC in Farmington Hills. Her company offers a complete line of residential and commercial services to buyers and sellers.
Buying or selling real estate is probably one of the most important decisions anyone will make in a lifetime. Marilyn’s passion for the real estate business assures that the transaction will be handled with the highest degree of professionalism. This philosophy has allowed her to build a community of lifelong relationships.
