Dwelling coverage can be similar to regular homeowner's insurance, but it is more restrictive. While some people will benefit from purchasing dwelling coverage, you might not need it. The biggest reason people buy dwelling coverage is because they own a rental or vacation property, and they do not need a comprehensive homeowner's insurance policy. Dwelling insurance will cover:
What your policy covers will depend on the coverage hazards and perils. When looking at a dwelling coverage policy, always read the fine print to understand what will and will not be covered. If you have a guesthouse, unattached garage or shed, this will not typically be covered, unless you added those structures separately on your policy. This ensures that they will be repaired or replaced if disaster strikes.
When it comes to covered properties, they will normally be divided into four separate categories. Every company will offer something different, and you need to look at how dwelling coverage varies from state to state. When it comes to these four categories, you have: dwelling, personal property and other structures. If you do incur a loss, the settlement can vary based on repairs, replacement fees and actual cash value basis. Your average property policy will demand that homeowners have their home insured up to 80 percent of the replacement cost.
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Homeowners Insurance Guide