{"id":33196,"date":"2022-12-10T10:35:00","date_gmt":"2022-12-10T10:35:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=33196"},"modified":"2022-12-11T21:35:04","modified_gmt":"2022-12-11T21:35:04","slug":"what-is-dwelling","status":"publish","type":"post","link":"https:\/\/businessyield.com\/insurance\/what-is-dwelling\/","title":{"rendered":"What Is Dwelling: Definition, Cost and Its Coverage","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
Dwelling is a home where someone lives and it provides protection and shelter for individuals. Dwellings are houses, apartments, and condos. Tents, trailers, and igloos are also dwellings. Anything people live in is a dwelling. So if you have no dwelling, then you have no shelter and you’re assumably homeless. Read on to know the home insurance dwelling coverage for a condo, its cost, and how a dwelling extension works.<\/p>
Dwelling coverage is a part of your homeowners’ insurance policy that provides coverage for your residence structures. They take care of damages caused by perils. However, they help to pay to repair, rebuild, or replace your home\u2019s physical structure. Although a lot of people think of their dwelling as just the physical structure that they live in. However, this may help protect more than that. When you have the right coverage capital and adjust it regularly to account for any upgrades, renovations, and even inflation. This can help to protect what might be one of your largest financial investments. <\/p>
Dwelling coverage differs from region to region with the coverage policies. However, most policies cover a variety of threats that include; fire and smoke damage, lightning strikes, hail, and wind damage, burst pipes, falling objects, motor vehicle collisions, theft, and destruction.<\/p>
They also cover other structures on your property, such as bungalows, pool houses, or detached garages. As long as you have a traditional homeowners policy that includes other structures coverage. But, if you have a condominium policy or a renter\u2019s policy, the policy is unlikely to cover those additional structures. So try as much to check your policy to learn what perils they cover and what they do not cover.<\/p>
Earlier, we said that the standard homeowner’s insurance policy does not cover natural disasters. But You can buy additional coverage or a separate insurance policy to help cover some of these additional perils. For example, you can buy water backup coverage to your existing homeowner’s insurance policy to help cover sewer backups. Or, you may decide to buy flood insurance to help protect your home against flooding. However, you can get some advice from your insurance provider on what options are available to you.<\/p>
Your dwelling coverage limit should cover the full cost to replace your home. However, the cost won’t necessarily be the same as the price you paid for your house. But depends on the features of your home and the building costs in your area. So you have to purchase coverage equivalent to 100% of the cost of rebuilding your home from scratch.<\/p>