Dwelling Property

The property insurance policy that insures the dwelling for different levels of coverage. This applies to your home and “attached structures” such as a garage or carport. The property that you live in will normally have a higher form of coverage to address your needs for contents coverage, additional living expense, voluntary medical and voluntary property coverage as well as liability.

Permanently installed outdoor equipment on the premises, such as a swimming pool and the equipment attached to it, is usually included.

Building materials for use in construction, alteration or repair of the insured dwelling or related structures on the premises are usually covered, too, if they are on the site or adjacent to it.

Once the dwelling property has anything unusual happening then the coverage can be amended. For instance theft and vandalism losses during construction are usually not covered. This reduction can include dwelling at actual cash value, other structures, personal property, fair rental value, and certain other coverages.

If the coverage has been dropped to Named Perils then it is a fire and lightning policy only. Coverage for any contents, liability, rents or detached structures would have to be added into the policy.

Be sure to go over your needs carefully and set up the policy to reflect where you stand. As things change be sure to update the policy to keep your coverage current.