What is Specialty Dwelling Insurance?

Homeowners’ insurance may not be the solution to insuring properties you own. If you think you can add a property to your current policy, that is not the case. Why? There is a different policy called specialty dwelling insurance. This is because traditional homeowners insurance excludes coverage for properties that are not owner-occupied. To put it simply, if you don’t live at your property then it will be covered by specialty dwelling insurance.

Specialty Dwelling Scenarios

There are multiple scenarios where specialty dwelling insurance is necessary:

Rental Properties

Specialty Dwelling insurance is the only type of policy that will work for a rental property. There are certain coverages that you need as the owner of a non-owner occupied property that is only provided by a specialty dwelling insurance policy like for example Landlord Furnishings, and Tenant Liability.

Vacant Homes

Vacant homes can present all kinds of problems which is why they can be extremely difficult to insure. Most insurance companies want nothing to do with a property that is vacant. We can help you and go to work to make sure you get the insurance you need.

Seasonal & Vacation Homes

In many cases, in order to insure a secondary, seasonal, or vacation property, most companies require that you insure your primary residence with them as well. However, that isn’t always possible. An experienced agent can handle all of that for you.

Older Homes

If your home is extremely old and/or the market value is considerably lower than the cost to rebuild it, many insurance companies may hesitate to cover it. Why is that? Well, older or lower-valued properties present a number of problems, but we have access to specialty policies specifically for these types of homes.

Credit Problems

Some homeowners might not have strong enough credit to qualify for a “standard” homeowners policy. When this is the case, specialty dwelling insurance is the alternative.

Homes Under Construction

In some situations, your renovation, addition, or reconstruction project may require a specialty dwelling policy.

Specialty Dwelling Insurance Recap

Everyone’s situation is different when it comes to properties. Knowing if you need a dwelling policy can be easy for you… Let an agent do all of the work for you instead of shopping around yourself! All you need to do is set up a meeting or phone call to tell them the specifics of your property and lifestyle.

If you have any questions about what falls under a dwelling policy, reach out to our team! We would love to answer any questions you have. Please reach out at team@thamsagency.com.