Dwelling Fire (DP3)

When you own a home and rent it out, you want to make sure you protect that investment against incidents like accidents, natural disasters, or theft which can leave you vulnerable to paying large sums of money if you aren’t properly covered. Heritage Property and Casualty Insurance knows the value you place on your home, and offers a product specifically designed for landlords to protect their assets. Known as dwelling fire policies, these are landlord insurance policies that cover single-family or duplex homes that are rented and not vacant. A dwelling fire (DP3) policy provides coverage that you can count on, and covers the following:

Loss of Rents

Condo Insurance – Medical Personal Liability Coverage Loss of rents coverage provides a landlord with continuous rental income if their existing rental property must be evacuated due to repair work after a covered peril such as a fire or wind storm. If the property is uninhabitable and renters are forced to live elsewhere, loss of rents coverage ensures that the owner will not lose income from rental payments they would have otherwise received. This allows the focus to remain on repairing the property and not on financial hardship.

Other Structures

Condo Insurance – Loss Assessment Coverage With a dwelling fire (DP3) policy, other structures on the rental property such as a detached garage or shed are eligible for repair or replacement in the event of a covered peril. This ensures that the landlord will not have to pay the full cost to rebuild these structures if damaged in a hail storm or destroyed by fire. Heritage Property and Casualty understands that every part of your home is valuable, and that any repairs or replacement needed shouldn’t be a burden.

Personal Liability and Medical Payments to Others

Condo Insurance – Personal Property and Valuables Personal liability and medical payments to others are valuable additions to your rental property insurance policy portfolio. If a tenant brings a lawsuit against you as the result of an accident on the property, this type of coverage can provide the money you will need to cover any medical costs, as well as funding your defense. Remember, as a landlord you are responsible for what happens on your property, and can be held financially accountable if not properly insured.

Optional Coverages

To ensure your full peace of mind, Heritage Property and Casualty Insurance can also provide optional coverage on the following:

Ordinance or Law

Many communities have an ordinance that states if a structure such as a single family home or duplex is damaged beyond a certain threshold, often about 50%, it must be demolished and rebuilt according to current building codes rather than simply repaired. If an older home is damaged, there may be significant costs to upgrade the electrical, ventilation, or plumbing to bring it to current regulation compliance. As a landlord, you can obtain an optional Ordinance or Law endorsement that will cover the loss of the cost of demolishing and rebuilding or cover the increased cost of rebuilding an older structure in accordance with current building codes.

Theft Coverage

Any items stolen from the landlord’s personal property within the rental unit are not automatically covered under the dwelling fire (DP3) policy. However, additional theft coverage will ensure your refrigerator or other appliances and furnishings within the rental property will be replaced if they are stolen. Keep in mind that if your tenant is the thief, this additional coverage will not be able to be utilized.

Always Contact your Heritage Insurance Agent

Your insurance agent can help you define the amount of coverage and options appropriate for your individual situation. We are proud of our partnership with independent agents, who are highly trained professionals focused on customer satisfaction and attention to detail. Contact us right away to get the information you need to secure a policy that’s right for you and your family. If you should need to report a claim, we’ll be there for you 24 hours a day, 7 days a week to process your claim quickly and efficiently.

This information is provided to you as an overview of our products and services. Consult your insurance agent to understand all of the provisions, limitations, and exclusions that are part of a standard condominium insurance policy.