Did you know many home insurance policies don’t cover dwelling fire coverage? It’s crucial to note that if you own rental properties, vacation homes, or other dwellings that aren’t your primary residence, they aren’t covered under your home’s fire insurance policy. You’ll need to purchase separate dwelling fire insurance to ensure they’re covered. If you’re located in Cincinnati, OH, our professionals at Advantage Insurance Network can help you understand dwelling fire insurance.

Is Dwelling Fire Insurance Necessary?

Dwelling fire insurance is essential if you have residences other than your primary home. The chances of a fire occurring are very low, but should it happen, you’ll want to know that you’re covered. However, potential risks are always present, and it’s vital to consider those factors.

Types of Dwelling Fire Coverage

Three main levels of dwelling fire coverage are available, each designed for certain types of fires. Property owners must choose an appropriate type of coverage to be compensated for when a fire occurs. Otherwise, they may find themselves paying out-of-pocket for damages.

Here are the three main types of dwelling fire coverage:

• DP-1: Offers limited coverage for fire, lightning, and internal explosions.
• DP-2: Covers fires resulting from wind, hail, vandalism, and external forces.
• DP-3: This level provides comprehensive coverage, addressing all reasons mentioned above and more unless specifically excluded in the policy.

The Bottom Line

As you can see, it’s essential to consider the coverage level you need carefully. If you’re unsure which one to get for your property, a consultation with an insurance representative can help. Here at Advantage Insurance Network in Cincinnati, OH, we aim to find the best policy that matches the policyholder’s needs. We look forward to discussing your options.

Dwelling fire insurance provides different coverage than traditional homeowner’s insurance. While they may sound similar, each is designed to cover different buildings under a set of varied circumstances. Our agents at Advantage Insurance Network in Cincinnati, OH, offer a short, comprehensive explanation.

Homeowner’s Insurance

Homeowner’s insurance protects your primary residence and is designed to cover damage to your home and property should a disaster or unexpected event occur. These policies include fire damage coverage for any damage to a primary residence and its possessions. No one plans to have a fire, but getting this policy can be the difference between homelessness and shelter.

Dwelling Fire Insurance

Dwelling fire insurance doesn’t cover a primary residence. However, it covers homes you own but don’t reside in for the majority of the year. These are typically vacation homes, rental properties, and getaway destinations like cabins or cottages. Dwelling coverage policies cover expenses resulting from fire damage, including repairs or rebuilding if necessary. Also covered are attached structures like garages, porches, and decks.

When to Use Dwelling Fire Insurance

Several situations could be handled by dwelling situations that result from fires. These incidents are the most expensive to repair and can result in total destruction, which this invaluable coverage can alleviate. These insurance policies can be customized to suit your housing situation. Most clients’ properties fall under the categories including:

• Owner Occupied
• Secondary Residences
• Investment Properties
• Vacant Homes

Get Protection From Property Fires Today

Fires can ignite at any time and be attributed to several sources. However, they are typically very destructive, so get the coverage you need to protect your investment through Advantage Insurance Network in Cincinnati, OH, for greater peace of mind.

A home insurance assessment is occasionally conducted before an insurance policy is prepared. If your property will be assessed by an insurance representative, familiarize yourself with the preparations and steps that may be followed.

Purpose

An assessment aims to determine a property’s risk and the amount of work that may need to be performed if it eventually needs to be rebuilt. The insurance representative may inspect the home’s exterior and interior.

Preparations

A property owner should prepare their home for the assessment. The property should be clean and accessible. If there are a lot of items crowding hallways or other areas where the assessment will take place, these items should be temporarily moved to an alternate space. 

Exterior Assessment

During the assessment, which takes place outdoors, the insurance representative will inspect the land and home. They will note damage or weak materials that could pose a threat. If the property is located in a low-lying area, the representative may note this fact. 

Interior Assessment

The interior assessment will provide the representative with the condition of the living space. The inspector may assess the walls for signs of mold, determine if any pests are present, and inspect the HVAC system, plumbing materials, and other critical materials installed within a home.

Findings

The insurance representative will provide the property owner with a report of their findings, which will outline any problems that the property owner should address. 

Contact Advantage Insurance Network

Contact one of our agents who serve Cincinnati, OH. An Advantage Insurance Network representative will advise you about the home insurance coverage you need.

You should have a dwelling fire insurance policy if you have a home. These policies are designed to protect you in the event of a loss to your home, and understanding why you need one and what all they cover matters. If you’re in the Cincinnati, OH, area and have questions about this kind of insurance coverage, Advantage Insurance Network is here to help. Here are four of the most important things to know about protecting your home.

1. This Policy Covers More Than Just Fire

Even though it’s called a fire policy, it’s homeowner’s insurance and protects your home from several issues. Your agent can help you determine whether you have enough coverage or whether you need any riders added to the policy for exceptional circumstances.

2. You Want to Update Your Policy as Needed

Updating your policy is important. You should review it at least once per year and anytime you have a big life event that affects your home or family. That helps ensure that you always have the right coverage for your needs.

3. Having Insurance May be a Requirement

If you have a mortgage holder on your home, they’re likely to require you to have this kind of insurance policy to protect the investment they made in your asset. You may need to escrow your insurance for proof.

4. Working With an Agent Makes the Process Easier

When you contact us at Advantage Insurance Network, we can help you get the dwelling fire insurance policy you need. If you’re in the Cincinnati, OH, area and looking for this kind of insurance, contact us today. Our agents are here to help you find the right policy for your home.

Undertaking home renovations is an exciting venture that can enhance your living space and property value. However, it’s essential to consider how these renovations may impact your home insurance. Here at Advantage Insurance Network, serving the greater Cincinnati, OH area, we want to help you better understand this topic.

Home Renovations and Insurance

Home insurance providers typically expect homeowners to inform them about significant renovations. This is because renovations can alter your home’s value and risk profile. For instance, adding an extension or finishing a basement can increase your home’s value, while upgrading wiring or plumbing can reduce the risk of fire or water damage.

The Importance of Notification

Failing to inform your insurance company about renovations can lead to issues down the line. If you experience a claim related to the renovation and haven’t updated your policy, you may not have adequate coverage. Your insurer may even deny the claim.

Consulting Your Insurance Agent

Navigating the intricacies of home insurance and renovations can be complex. It’s advisable to consult with your insurance agent or broker before embarking on significant renovation projects. They can provide guidance on the necessary updates to your policy, ensuring that your coverage aligns with your home’s updated condition.

In most cases, it’s prudent to notify your home insurance company when completing significant renovations. This proactive step ensures that your policy accurately reflects your home’s value and the associated risks. If you’re looking for a new homeowner’s insurance policy to ensure you’re fully covered after home renovations in the greater Cincinnati, OH area, Advantage Insurance Network can help you. Please schedule an appointment with one of our insurance agents today. 

Did you know that your Ohio condo insurance will cover a neighbor’s condos if a fire spreads from your condo to theirs? If a kitchen fire happens, for example, and burns through to other units, then personal liability coverage would cover the damages from the fire. 

Including Your Belongings

Remember that only the inside of the structure, such as the walls, floor, and ceiling, is covered by personal liability condo insurance. Both you and your neighbors are covered by personal liability insurance for the cost of personal belongings in the event of a fire and the resulting water damage. Advantage Insurance Network wants you to know more about accidental condo damage.

What The State Of Ohio Has To Say About Condo Insurance

This is a little confusing because some insurance companies say they’ll pay for neighbors’ condos and belongings in the event of a fire in your condo. The State of Ohio says on its website, "You are only responsible for the space within your walls because you cannot insure something you do not own (there must be insurable interest.)."

The only sensible thing to do is to check with your insurance company before buying condo insurance. Every insurance agency must comply with state and local laws as a matter of course.

Increase Your Personal Liability Limits

Most condo owners only take out enough condo insurance to get by or to satisfy their lenders if they’re paying for their home. When disaster strikes, they suddenly find themselves unable to cover repairs or replacements or even their neighbors’ repairs or replacements. Increasing your personal liability limits will help you afford the consequences of disaster. 

Insurance differs between houses and condos. Ask Advantage Insurance Network in Cincinnati, OH about condo coverage before you and your neighbors suffer an accident or disaster.

First-time homebuyers in Cincinnati, OH usually love the idea of buying a condo because they don’t need as much maintenance. As great as condos are, it leaves new homeowners unsure about insurance. Without insurance, the result can devastate homeowners, so it ensures you have the right policy in place is critical.

What Is Condo Insurance?

Like home insurance, condo insurance is made for homeowners. Condo insurance differs from homeowners insurance, so you don’t want to get them mixed up. Condos have a master policy, which is purchased by the condo association and pays for the exterior of the building. Condo insurance only covers your property inside the unit and the interior of the unit itself. It can also offer liability protection.

Why Is Condo Insurance So Important?

Unfortunately, new homeowners forget that condos still need to be insured to be protected. The right policy will protect you from property damage and offer liability coverage should something happen on your property. A good policy, like one from Advantage Insurance Network, will also include payments for temporary living expenses, referred to as loss of use coverage if the condo becomes unhabitable due to these circumstances.

Choosing the Right Condo Insurance Policy

You want to ensure you have the right amount of coverage for your personal property, so here are a few tips to help you make the best choice.

1. Look at the master policy to know what’s covered and what’s not. That will help you figure out how much coverage you need.
2. Consider your personal property value so you have the right amount of coverage for your belongings.
3. Liability coverage can’t be overlooked. If someone is injured in your condo, you want to ensure your policy protects you from a lawsuit.
4. Compare the deductibles and premiums of different policies to get the best value.
5. Most insurance companies offer discounts, so ask them about what might be available to you.

The Bottom Line

If you don’t have condo insurance, you could be affected by unexpected financial obstacles. If there is a fire in the building, you need insurance to cover your obligations to the condo association. These can include covering the cost of rebuilding the interior of your unit, not to mention you’ll need to replace your belongings. Having insurance protects you from having to deal with that on your own.

If you’re in Cincinnati, OH, contact us at Advantage Insurance Network for more information or to ask any questions you may have. We’re happy to help!