A Brief Guide to Dwelling Insurance in Boston

by | Dec 15, 2015 | Financial and Insurance

Most people know about homeowner’s insurance, but they may not be aware of another, cheaper type of coverage known as dwelling insurance. This policy type covers the home and other buildings such as detached garages, but it doesn’t cover the surrounding land or the belongings within the home. Readers can click here for a brief explanation of dwelling insurance.

Dwelling Insurance Types

There are different kinds of dwelling insurance that may protect a home under specific circumstances. Some insurers refer to it as “landlord’s dwelling coverage”, which protects a landlord from potential damages and income loss while a home is under repair. Other types of Insurance in Boston cover vacant homes. In these cases, there are none of the landlord’s possessions in the home, so traditional homeowner’s coverage is superfluous. Buyers should remember that dwelling insurance does not cover the loss of personal possessions, and those who have a significant amount of possessions should buy homeowner’s coverage.

Dwelling Insurance Doesn’t Cover Medical or Personal Liability

Unlike a traditional homeowner’s policy, dwelling insurance does not cover losses incurred due to medical or personal liability. If someone is hurt on the homeowner’s property and they subsequently file a lawsuit, the homeowner’s court costs and the victim’s medical bills are not covered. For many homeowners, this is not a big issue, but those who frequently have visitors may need a regular homeowner’s insurance policy.

Who Can Benefit From Dwelling Insurance?

Dwelling insurance may not be appropriate for everyone, and it may not work in every situation. However, it can be useful for those who own multiple homes, or who have fixer-upper or investment properties. If a home is in disrepair, homeowner’s insurance costs could exceed the value of the home itself. If dwelling insurance is bought to cover the structure, the homeowner can save money. When the home is fixed and restored to its former value, there’s always the option to switch to a full homeowner’s insurance policy. Dwelling Insurance in Boston from Sawyer Insurance Agency Inc. can result in significant savings, and it can help to cover homes that may otherwise be uninsurable.

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