What Is Covered by Dwelling Insurance Coverage?
So, what is dwelling coverage and
what does homeowners insurance cover? For starters, home insurance policies cover damage from a variety of losses that can vary from state to state. A few examples of what’s typically covered include damage caused by:
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- Fire
- Lightning
- Hail
- Vehicles
- Smoke
- Vandalism
- Theft
- Weight of ice, snow or sleet
- Accidental discharge or overflow of water from plumbing or HVAC system
- Freezing of pipes
Dwelling coverage is the part of your home insurance policy that helps pay for the repair or rebuilding of the physical structure of your home and the structures directly attached to it, such as:
- Attached garage
- Chimney
- Front porch
- Built-in appliances
Also, with dwelling coverage, your walls, electrical wiring, plumbing, heating and air conditioning are all protected when a covered loss occurs.
If you live in a condo, it’s important to understand what’s already covered by your homeowners association or condo association’s insurance. This is usually called the master policy and it may help protect your roof, shared spaces, hallways, common rooms, gyms and pool areas. When it comes to your personal condo insurance policy, dwelling coverage can help protect the things you’re responsible for in your condo, like alterations or improvements you’ve made, along with your appliances and fixtures.
What Is Not Covered by Dwelling Insurance Coverage?
A typical homeowners insurance policy does not cover damage from:
- Flooding. You will have to buy a separate flood insurance policy to keep your home protected in case of water damage caused by floods.
- Earthquakes
- Normal wear and tear
- Pest damage (vermin, rodents, etc.,)
Beyond dwelling coverage, the AARP Home Insurance Program from The Hartford provides additional home insurance coverages to help protect you, your entire property, your belongings and your guests. These include:
Dwelling coverage, also known as coverage A, is the part of your homeowners insurance policy that helps cover the cost of rebuilding or repairs for your home and its attached structures after a covered loss, such as fire, smoke, vandalism and more.
Technically speaking, a dwelling refers to the structure of your home and anything that is attached to it, like a porch. This definition does not include items that are not attached to the home’s structure.
It’s also important to determine your home’s market value versus replacement cost. Your home’s replacement cost is the amount to rebuild your house on the existing property with materials of similar kind and quality. This includes the price of labor and materials needed to rebuild the physical structure. It also includes the costs of cleanup and debris removal after a covered loss. Replacement cost is different from the market value of your home, which is impacted by factors like distance from emergency services and the local housing market.