Your home is a major investment, and your homeowners insurance helps protect it. But to make sure you have adequate protection for your home, you need to understand the different coverages that make up your home insurance. In addition to personal property and loss of use coverage, your home insurance also features dwelling coverage. That coverage plays a very important role in your overall home protection.
Dwelling insurance coverage applies to your home’s physical structure, including the foundation, walls, and roof. This portion of your home insurance covers expenses of repairing or replacing your home’s structure. It also extends to attached structures, like a garage, and may include limited coverage for detached structures, like a shed.
Dwelling insurance usually covers components considered parts of your home, or that are attached to your home:
Your dwelling coverage will only pay for the repair or replacement of these elements if your home is damaged by a covered peril. Most policies include fire and smoke damage, theft, vandalism, wind damage, damage caused by snow and ice, and damage to automobiles.
Most homeowners insurance policies exclude certain perils, like earthquakes, floods, mudslides, pests, sewer backups, and water damage that slowly develops. You can often purchase a policy add-on or additional insurance for these exclusions; for example, if you live in a flood zone, you can purchase separate flood insurance.
Every policy is different, so make sure that you thoroughly read your policy and understand what perils and structures are and aren’t covered.
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It’s important to buy enough dwelling coverage to cover the cost of replacing your home in the event of a total loss. Your insurance company can provide recommended coverage amounts based on your home’s value, but the construction costs are constantly increasing due to inflation. To make sure you’re buying enough coverage, you can multiply your home’s square footage by the average construction costs in your area, which your insurance agent can provide.
Dwelling coverage and overall home insurance costs depend on many factors, including your home’s value, your location, your home’s age, and even your insurance company. Insurance providers all calculate rates differently, so it’s best to compare quotes from multiple providers to determine which company offers the best coverage at the best rates.
You can get free homeowners insurance quotes online today to get started. As you shop for insurance, compare not only the premiums and coverage, but also the coverage limits, exclusions, and deductibles to make sure you’re choosing the right insurance for your needs.
