Your insurance needs change depending on your living situation and stage of life. The Personal Lines Team at EPB&B is here to help you select the right coverage; whether you own, rent, or lease out a property. Understanding the key differences between dwelling insurance policies can help keep you protected.
Homeowners Insurance
Homeowners insurance is designed for individuals who own and live in their home. The dwelling coverage you choose should reflect the current or future cost to repair or rebuild your home after a covered loss.
When selecting coverage, it’s also essential to consider Other Structures (such as fences, sheds, and driveways), Personal Property, Loss of Use, and Liability.
Coverage points include:
- Repairs or replaces your home following a covered loss.
- Covers personal belongings that are not built-in, including furniture, appliances, clothing, jewelry, and household items.
- Provides coverage for temporary living expenses if your home becomes uninhabitable due to a covered loss.
- Protects your assets if you are found liable for an accident, such as a slip-and-fall or dog bite.
Dwelling Fire / Landlord Insurance
Landlord insurance is intended for property owners who rent or lease their home to others, even if rent is not being collected.
Coverage points include:
- Repairs or replaces the physical structures on the property, including the home, workshops, fences, driveways, and walkways.
- Covers owner-owned property provided for tenant use, such as appliances or furniture (optional coverage.)
- Provides coverage for lost rental income if the property becomes uninhabitable due to a covered loss.
- Protects your personal assets if you are found liable for injuries or damage occurring on the property (for example, if a tenant is injured and the property owner is found responsible.)
Renters Insurance
Renters insurance is for individuals who do not own their residence and want to protect their personal belongings, carry liability coverage, and be prepared to relocate if they must due to a covered loss temporarily.
It’s important to note that a landlord’s insurance policy does not cover a renter’s personal property.
Coverage points include:
- Covers your personal belongings inside the rental unit if they are damaged or destroyed by a covered loss.
- Provides temporary living expense coverage if your rental becomes uninhabitable due to a covered loss.
- Protects your personal assets if you are found liable, such as accidental damage to the property or injury to others.
- May extend coverage to personal items stolen from your vehicle or a stolen bicycle, 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 team is proficient in diverse insurance policy offerings and we are here to help you find the right coverage for your living situation.