Do you have dwelling insurance? If you have a homeowner's policy in place, the answer is probably yes. The complexities of home insurance confuse many property owners, especially those that fall into non-standard categories where their home is also a place of business — like farmers. Make sure your plan matches your needs by taking a closer look at the ins and outs of dwelling coverage and how it plays into the bigger picture of overall property protection.
What Is Dwelling Coverage?
Dwelling insurance is a type of financial coverage that usually falls under the home insurance umbrella. This protection is focused solely on the main residence of person's property, i.e. your home. The policy extends to exterior aspects of your structure that are attached, like garages and decks. However, the focus of dwelling insurance is the repair or replacement of the building and its parts, so liability coverage for injury-related accidents isn't included.
What Doesn't Qualify As a Dwelling?
Dwelling coverage doesn't cover detached buildings or other types of structures on your property. For instance, barns, sheds, and workshops aren't included in this area of your plan. If you use a separate structure for personal use, you can add property protection coverage to your home insurance policy. If, however, the detached structures are primarily used for business needs, you may want to consider a separate commercial or farm insurance policy to adequately protect yourself.
How Do You Determine the Amount of Dwelling Coverage You Need?
For the dwelling aspect of your policy, it's important to purchase enough coverage to pay for the full replacement cost of your home, including materials, permits, and contractor expenses. Construction costs vary by area, season, and size of the home, and they're also likely to increase regularly. As such, you should reevaluate your home's replacement value with your agent on a yearly basis to ensure your coverage amount meets your needs.
Dwelling insurance is a vital component of protecting your home, but it's important to cover every aspect of your property. Fortunately, the team at Texas County Mutual Insurance in Licking, MO, will help you find a home insurance policy that meets all of your individual requirements. Since 1904, the agency has proudly met the unique needs of farmers across the Ozarks. From machinery and silos to home and barns, find the right protection today by calling (573) 674-3125, or learn more about their range of products online.