If you are renting out your home, you need dwelling fire insurance coverage to properly protect your interests. A typical VT homeowners insurance policy does not cover vacant dwellings or property rented to others. Depending on the situation this type of coverage can be purchased with a Dwelling Fire policy, a commercial BOP policy or commercial Mobile Home policy. Some carriers offer specific Landlord Protection Insurance for the most common types of losses or on a much broader basis for more protection. Because there are a variety of options to cover your rented property it is important to discuss your situation with an insurance specialist.
Vacant Dwellings
People can own unoccupied homes for a variety of reasons, such as when they move out and place it on the market. When a dwelling becomes vacant for an extended period of time the coverage under a traditional homeowners policy is limited. Insurance carriers can deny a claim or the policy can be non-renewed. It is important to discuss any changes in occupancy with your insurance agent to keep you financially protected.
Dwelling Fire Insurance policies are not just for rental property. They can be purchased to cover vacant property, camps and other seasonal residences, and older homes that cannot be placed under a typical homeowners policy. It is important to understand the dwelling fire insurance policy covers just the dwelling structure and for causes of damage specifically listed in the policy. Optional coverage is available for added protection such as premises liability, personal property or contents coverage, and vandalism. If you own a mobile home rental property it should be placed on a commercial mobile home insurance policy.
To help identify the best policy for your situation, we invite you to consult with one of our personal insurance specialists about dwelling fire insurance in VT.
