Your home provides a safe space to live. What happens in the case of an emergency that compromises your home? Financially protecting your home can safeguard your space if perils arise.
Dwelling insurance is the part of your homeowners insurance policy offering protection for the structure of the home. This article provides a basic guide to understanding dwelling coverage, policy scope and requirements.
If your home structure is damaged, dwelling coverage provides financial compensation. Your insurance policy would offer an estimate of the damages and provide funding for the cost of repairs.
Your home structure includes walls, flooring, roof, foundation and windows. Sometimes dwelling insurance also covers attachments to the home, like a porch, garage, or deck.
Rental property owners need a specific type of dwelling insurance for landlords. These policies generally include:
Tenants should have renter’s insurance as well, as landlord's dwelling insurance won’t cover their personal items.
Dwelling coverage isn’t a requirement. However, most mortgage lenders do require dwelling insurance if you’re financing your home through them. Not only does it protect homeowners, it protects the lender’s investment.
Here at Silver Spoon Properties and Lending we have over 28 years experience in real estate sales, finance and loans, banking and management.
We are a full service brokerage offering residential and commercial real estate and lending services.
Whether you are first time home buyer, seller, or a seasoned investor, we cater our service to meet your specific needs.
Consider us your one stop shop for residential and commercial real estate sales, loans and financing options like SBA, commercial and residential mortgages, and private money financing.
We are also a Certified Short Sale & Foreclosure Brokerage (SFR) through the National Association of Realtors. Please call us today to discuss buying, selling, or financing your property or for a free consultation to discuss your individual scenario.
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