Homeowner’s Insurance
Did you know the type of insurance needed for the home you own can vary, depending on who occupies it?
Insuring a home that is occupied by you, as the owner, versus insuring one used as a rental home or one that is vacant, all require different types of dwelling policies. Confusing these three could leave gaping holes in your coverage.
Homeowner’s Insurance: If you reside in the home you own, a standard homeowner's insurance policy is the policy you’ll need. This protects an owner occupied dwelling against any covered perils- again, as long as the owner is living in the home. A second home can be covered under a homeowner's policy as long as you, the owner, reside in it at least part time.
Rental Home or Landlord Policies: If you rent the home you own, even on a short-term basis, you'll need a landlord policy. This type of policy can vary based on whether you intend to keep any furnishings or appliances in the home that you wish to have coverage for, and the kind of peril coverage you wish to have. Some landlord policies cover only specified perils, such as fire or vandalism, while others cover all but excluded perils, like a homeowner’s policy.
Vacant Home Insurance: If the home you own is vacant, you'll need unoccupied home insurance, often referred to as a dwelling fire. Unoccupied homes present a greater insurance risk, so coverage for them needs to be either endorsed onto an existing homeowner’s policy, if applicable, or secured independently from the homeowners policy, replacing it. A typical homeowners insurance policy won’t cover fire, vandalism, liability or other claims on an unoccupied property so it is essential that you make the switch to a vacant home/dwelling fire policy as soon as the home becomes vacant.
You should always disclose all property uses to your insurance agent to ensure that you have the appropriate coverage in place. Contact your Bouvier Agent anytime for any questions on your home’s insurance policy!
This article provides generic information only, for specific coverage questions on your policy please contact your Bouvier Agent at 860.232.4491 or www.binsurance.com.