Residential Dwelling / Landlord / Dwelling Fire

When you own and/or rent out a home, duplex, or other dwelling other than your primary residence, you want to ensure that you’re covered in the event of damage from a natural disaster or other incident. Dwelling fire insurance provides protection for your rental property or vacation home to help recoup your losses.

In addition to providing protection for losses from a fire, dwelling, landlord, or residential fire insurance can cover losses from events like explosions, lightning, natural disasters, and appliance failures. There are three forms of dwelling fire insurance from which to choose, each with varying levels of coverage:

DP-1 (Basic) — This covers against named causes, like fire and windstorms. You may elect to add more coverage options for events like vandalism and other natural disasters. Depending on the location of your property, you may want to account for extreme weather events, such as volcanic eruptions.

DP-2 (Broad) — This coverage extends the named causes from DP-1 form to include events like burglary, glass breakage, frozen pipes, fallen tree damage, and more. Additionally, items at this level are typically covered at replacement value, rather than actual value.

You may also have the option to add lost rental income at this level. This protection reimburses your lost rental income in the event that a covered incident, such as a rodent infestation, requires your tenants to temporarily relocate while the property is being repaired.

DP-3 (Special) — This coverage level is the most comprehensive and is typically considered “all risk”, meaning it covers all events except for listed exclusions. Exclusions usually include disasters like neglect, water damage, and earthquakes.

Some other coverage options that your dwelling fire plan may include are:

  • Liability protection – This protects you in the event that someone is injured, at no fault of your tenant, on your property
  • Flood insurance – This rider would protect your losses in the event of a flood, whether from natural causes or from a plumbing malfunction

To learn more about your options for Georgia dwelling fire insurance options, contact Gracepoint Insurance for a quote today!