A Dwelling Fire policy, despite its name, protects your property from more than just fire damage. This type of coverage, while similar to a homeowner’s policy, is different because it is designed for a landlord that does not make the property his or her primary home. The dwelling fire policy insures the structure of rental or investment properties but not the personal property inside the dwelling. The policy will cover damages to the floors, walls, roof and built-in appliances. It also covers structures not attached to the home such as a garage, shed or fence.
Loss of coverage helps pay for housing and associated living expenses if your home is damaged by a covered event like a fire or weather damage. It helps cover the cost of temporary housing, food and other additional living expenses.
Fair rental coverage is included in a landlord insurance policy and covers the cost of lost rental payments to the owner when a rented unit becomes uninhabitable after a covered claim. Fair rental coverage does not cover monthly mortgage payments, property taxes, utility bills or other living expenses. Rental property tenants will also need to carry their own renters insurance policy to cover damaged property or relocation costs after a loss.