When it comes to insuring a property that is rented out to tenants or used as a dwelling but not your primary residence, there are several insurance coverages that you should consider. Landlords or dwelling fire insurance policies are specifically designed to address the unique risks and exposures associated with rental properties. Here are some common insurance coverages associated with landlords/dwelling fire insurance:

1. Dwelling Coverage: Dwelling coverage is the core component of a landlord or dwelling fire insurance policy. It provides coverage for the physical structure of the property, including the building itself, walls, roof, and any attached structures, such as a garage or shed. This coverage protects against perils such as fire, lightning, windstorm, hail, and other covered events that may cause damage to the property.
2. Liability Coverage: Liability coverage is essential for landlords to protect against claims for bodily injury or property damage caused to third parties, such as tenants or visitors. It covers legal defense costs, medical expenses, property damage, and potential settlements or judgments if you are found liable for an accident or injury that occurs on the rental property.
3. Loss of Rental Income Coverage: Loss of rental income coverage, also known as rental property loss of income or rental income protection, provides reimbursement for lost rental income if your property becomes uninhabitable due to a covered event, such as a fire or other damage. It helps compensate for the income you would have received from tenants during the repair or rebuilding period.
4. Personal Property Coverage (optional): While landlord insurance typically does not cover the personal belongings of tenants, you may choose to add personal property coverage for any furnishings or appliances you provide as part of a furnished rental. This coverage protects your personal property from damage or loss caused by covered perils.
5. Vandalism and Malicious Mischief Coverage: Vandalism and malicious mischief coverage protects against intentional damage caused by tenants or other individuals to your rental property. It covers repairs or replacements necessary due to acts of vandalism, such as graffiti, broken windows, or damage to fixtures.
6. Fair Rental Value Coverage: Fair rental value coverage provides compensation for lost rental income if your property becomes uninhabitable due to a covered event and you are unable to collect rent during the repair or rebuilding process. This coverage helps bridge the gap between the fair rental value of the property and the actual rental income lost during the restoration period.
7. Additional Coverages: Depending on your specific needs and the insurance policy you choose, there may be additional coverages available. These can include coverage for detached structures (such as sheds or fences), earthquake or flood coverage (if applicable), or other endorsements to customize your policy to your property and rental situation.