Coverage Insight : What is Dp3 Policy?

what is dwelling
fire insurance ?

Dwelling Fire insurance also known as Landlord Insurance is another type of policy that specifically covers landlords from losing rental income due to fire. As a matter of fact, it can provide a year’s worth of financial assistance so you can have the time to rebuild your property.

Dwelling Fire Insurance is somewhat similar to homeowners insurance because it typically encompasses dwelling and liability coverage. Their only difference is that dwelling fire policy includes protection for those who don’t make the building their primary residence.

Dwelling Fire Insurance does not only secure you from fire damages. It also protects you from vandalism, wind damages, hail, lighting and explosions. If you rent out your property, it is important that you have adequate protection in an event of a disaster.

what does dwelling
fire insurance cover ?

To protect your property from accidents, natural disasters or theft, you will need to acquire different dwelling fire policies. Here are some factors that dwelling fire insurance coves:


1. Rental Income Losses

If the property needs to be evacuated for repairs, Dwelling Fire Insurance can provide landlords with rental income. It reassures that they will not lose rental payments when their tenants need to live somewhere else. As a result, landlords can lessen the stress of financial burden and focus on rebuilding the property. 


2. Other Structures

Detached garage and sheds are some of the examples of other structures that Dwelling Fire Insurance can cover. Thus, landlords can be at ease by not having to think about the full costs of rebuilding such structures. Each part of a home is a prized possession, thus fixing it shouldn’t be a burden.


3. Medical Payments to Others

When a disaster occurred and you have a visitor, Dwelling Fire Insurance can cover the medical bills of your visitors who sustained an injury. Medical bills coverage can avoid lawsuits in case your visitor plans to file a case against you.


4. Personal Liability

As a landlord, you can become financially accountable to anything that can happen to your property. Third-party claims or tenant claims can arise when you become liable to physical injuries and property damages. Thus, it is important that you are well funded when you defend yourself by having Dwelling Fire Insurance.


Other Coverages of Dwelling Fire Insurance:

  • Sinkhole Coverage 
  • Theft Coverage
  • Ordinance or Law Coverage

what is dwelling
fire insurance provide ?

While Dwelling Fire Insurance provides overwhelming coverages, this policy is not for everybody. You will need to consider some factors to determine if  DP3 policies are suitable for you. Below are the types of landlords who can acquire Dwelling Fire Insurance:

  • Landlords who own a seasonal or vocational home
  • Your property is under construction or renovation
  • As a landlord, your major source of income is by renting out your property
  • Owners of a historic building, an old property, an inexpensive home or a mobile home
  • Landlords who need to insure the building structure but not the tenant’s possessions inside the building.

For More information about Dwelling Fire Insurance, you can contact us and we’ll provide you with the information you need. We can also help you choose the best policies that can fill in your needs and your budget. Get a Quote Now.