What Is Dwelling Insurance?
Also known as main structure coverage, dwelling coverage is the part of your home insurance that pays to repair or rebuild your home’s physical structure (think: walls, floors, roof, windows, support beams, and foundation) when a covered incident damages it.
Not All Dwelling Insurance Is Equal
Actual cash value coverage is typically cheaper, but it can also leave you high and dry when you need to repair your home. That's why Kin only sells replacement cost dwelling coverage. It pays out what it costs to rebuild your home and replace its elements at the current market rate.
Here's a better look at each type of coverage.
Actual Cash Value Dwelling Coverage
This type of coverage takes depreciation into account when calculating your payout. So say a fire completely destroys your home. The adjuster decides how much the house was originally worth, and then subtracts its depreciation. The remainder is the amount of money you receive to try to rebuild your life.
You end up saving some money with this option, but the payouts may pale in comparison to what you need to actually repair your home.
Replacement Cost Dwelling Coverage
This type of coverage can cover the cost to replace or rebuild your home with materials of similar kind and quality. So if you need to make a claim, you get the payout you need to repair or rebuild your home to its former glory. This is how Kin Insurance works.
How Much Main Structure Insurance Do I Need?
The amount of dwelling coverage you need depends on the cost to rebuild your home (including labor and materials) if the house is completely destroyed by a covered event. Our application automatically calculates and recommends the replacement cost for you, though you can adjust this amount.
Just remember not to underinsure your home. Your insurance is only worthwhile if you can depend on it in times of upheaval.
To get started, give us a call at 855-717-0022, or begin your no-obligation quote here.