Do I have the right insurance for my house?

Do you have the right type of house insurance? Do you live in your home? Do you rent it to others? Is it unoccupied? Depending on how you answer these questions will determine what type of house insurance policy you should have. Here are the major differences between having a homeowners insurance policy vs. a dwelling fire policy:

Homeowners Policy:

• Owner occupied
• Provides coverage for structure: the house itself, other structures: detached garage
• Provides liability protection: someone sues the homeowner
• Additional living expense: for example, hotel costs if house is damaged by a covered loss*
• Personal Property: coverage for your stuff

Dwelling Fire Policy:

• Occupied by someone other than the home owner
• Provides coverage for structure: the house itself, other structures: detached garage
• Provides liability protection: only for the homeowner, not for the tenant
• Loss of rents: pays homeowners loss of rent from tenant if home is damaged by a covered loss*
• Landlord Furnishings: appliances or furniture owned by home owner** 

These are just a few of the differences between a Homeowners policy and a Dwelling Fire policy to help you determine which type of policy is best for your house. However, there’s much more that will determine what coverage you need after that. If you have questions about these please contact a licensed insurance agent.

Visit Michigan Insurance Group for more information.

* Home has to be uninhabitable

** Will not cover tenants stuff

Written by Ryan Miller
Licensed Insurance Agent

www.michiganinsurancegroup.com