You might think that you’ll only need the minimum dwelling fire insurance since you rent each apartment or flat in the building you own. Still, Advantage Insurance Network would like to suggest a few riders to add to your policy that will help you when the inevitable happens. We can help you customize your policy to protect your real estate investment.
What Typical Dwelling Policies Include
Your renters each carry renter’s insurance as long as you require it in your lease. Their policy only protects their belongings and liability.
Your dwelling policy protects the structure of the building from various perils, including fire, tornado, hail, snowstorm and ice damage, etc. It also offers you liability coverage. The riders you can add increase your coverage to include changes in the home and unexpected municipal issues.
Building code coverage
If your building starts in an up-to-code state, your dwelling coverage pays to repair your damaged house, so it returns to its original state if you file a covered claim. If your home is in a state that’s not up to code, you’ll need to pay the difference out of your pocket – unless you add this rider to your policy. With building code coverage, your insurance pays the extra for you to meet local building codes.
Water backup coverage
Water backup coverage doesn’t cover floods; it covers when the sewer backs up, a drain backs up, or a sump pump fails to function. It covers the damage from the water back up and the clean-up costs.
Identity theft restoration coverage
Although you don’t reside at a home you rent to others, you may occasionally get mail there. That leaves you open to identity theft. Adding ID theft coverage means your policy covers the cost of restoring your identity. With this rider in place, the insurance company reimburses you for legal fees, document mailing costs, and lost wages when you file a valid claim.
A temporary rider for construction or renovation covers your home when you make changes to it to increase curb appeal or remodel the interior. The coverage only lasts while the home undergoes the project.
Contact Advantage Insurance Network
Contact Advantage Insurance Network serving Cincinnati, OH for a dwelling fire insurance review. Let us help you determine which riders best serve your situation and update your policy so you stay fully covered.