Insurance is not one size fits all. Depending on your living situation, your insurance needs will vary and the Personal Lines Team at EPB&B can help you select the right insurance policies for each phase of life. It is important to understand the key differences between the different types of dwelling insurance so you can understand what kind of insurance policy is best for you.
Homeowners Insurance:
A homeowners insurance policy is taken out by the owner(s) of the home. The amount of dwelling insurance coverage you chose with your agent should reflect the current or future cost to replace the home or repair the home in case of a covered loss. When choosing the dwelling coverage, you’ll also want to consider Other Structures, (fences, outbuildings, sheds, driveways etc.) Personal Property, Loss of Use and Liability. Key coverage points:
- Repairs or Replaces your home due to a covered loss.
- Replaces your belongings inside that is not attached or built in, such as furniture, appliances, clothing, jewelry, and dishes.
- Helps you if you need to stay somewhere else while your home is being repaired.
- Protects your assets if you are found liable. Examples could include a slip and fall or a dog bite.
Dwelling Fire/Landlord Insurance:
An insurance policy if you rent/lease your home to someone else, even if you are not collecting rents from a tenant. Key coverage points:
- Repairing or replacing the physical structures, including the home, out buildings like workshops, fences, driveways, and walkways.
- Replaces your property left for the tenant to use, such as appliances and furniture that is not attached (Optional)
- In the event of a covered loss where the home is not inhabitable, pays for loss of rents lost.
- Protects your personal assets if you are found liable for something on the covered property. Example: Tenant is injured on the property and the owner of the property is found responsible.
Renter’s Insurance:
Renter’s insurance is for occupants who do not own the property but want to protect their own personal belongings, carry liability insurance to protect their assets and also want to protect themselves if they are forced to relocate due to a covered loss. It is important for renters to note that the property owner’s Dwelling Fire Insurance does not cover their items if they are damaged or destroyed. Key coverage points:
- Replacing your own personal belongings inside the dwelling due to a covered loss.
- Provides temporary relocation assistance if you need to stay somewhere else while your rented residence is being repaired due to a covered loss.
- Protect your personal assets if you are found liable. Examples: Your child throws a baseball breaking a neighbor’s window or you accidentally leave the bathtub running overflowing and causing damage to the rented home.
- It can also extend to your means of transportation, covering items stolen from your car or a stolen bike subject to your deductible.
It’s important to note that this is a very high-level view of Dwelling Insurance. Most policies have many additions or endorsements that can be added to enhance your insurance policy to fit your needs. At EPB&B, our account managers are proficient in each company’s insurance policy and are here to help you find the right coverage.