The Dwelling Fire Basic program is considered à la carte because of the flexibility it offers. This unique policy includes coverage for your home and all other coverages are optional, so you can customize the policy and only pay for the coverages that you need. The Dwelling Fire Basic program also offers coverage for homes with characteristics that would usually fall outside of our guidelines, such as: vacant or unoccupied homes, homes purchased through foreclosure or short sale, homes with certain prior losses, and homes with no prior insurance coverage.
A Dwelling Fire Basic policy provides coverage for damage to the structure—your home—in the event of a covered loss. Coverage A provides coverage for the structure of your home and is settled on an actual cash value (ACV) basis. ACV is calculated using the cost to repair or replace the property covered by the policy minus the depreciated value. The depreciated value is calculated using several factors including the age of the property and condition. Actual cash value is usually less than the cost to repurchase something brand new. If you would like to cover your property for the full cost to replace it, Security First offers the option for you to purchase Replacement Value Coverage (RVC) that can be added to the policy for an additional premium.
Dwelling (Coverage A) Limits: $50,000 - $500,000
Our Dwelling Fire Basic policy offers coverage for “other structures” located on the residence premises. For example: a detached garage or a shed may be considered an “other structure.”
Other Structures (Coverage B) Limits: 0% to 20% of Coverage A
If chosen, your personal belongings are covered on an actual cash value basis if the dwelling suffers a covered loss. Some examples of the contents you may elect to cover are furniture and appliances.
Personal Property (Coverage C) Limits: 0% to 70% of Coverage A
Loss of Use is an optional coverage that covers you if your home becomes uninhabitable due to a covered loss. If a named insured is occupying the home at the time of loss, Coverage D pays for the additional living expenses you incur while the home is uninhabitable. This includes costs for a place to stay, food, and clothing.
If a tenant is occupying the home at the time of loss, Coverage D pays for the loss of rental income you incur while the home is uninhabitable.
Coverage Limits: 0% to 10% of Coverage A
This coverage provides protection if someone were to file a lawsuit against you, claiming you caused them bodily injury or damaged their property. Liability can protect you in situations that may be unforeseen, such as a friend twisting their ankle on a loose step. Liability coverage also covers certain defense costs—even if the lawsuit filed against you is false, groundless or fraudulent.
Personal Liability (Coverage L) Limits: $0, $100,000, $200,000 or $300,000
Note: When the property on the policy isn't your primary residence, or the title of the property is in the name of a Partnership, Corportation, LLC, Trust, or Estate, the Liability Coverage is restricted to incidents that occur at the insured property. This is known as Premises Liability.
This coverage is paired with Personal Liability coverage to provide medical expense coverage to others (not living at your residence) who are injured on your property, or who incur injuries resulting from your personal activities.
Medical Payments (Coverage M) Limits: $0, $1,000, $2,500, or $5,000
The eligibility guidelines for the Dwelling Fire Basic program are less restrictive than our other programs. A few examples of the characteristics that may be eligible for coverage in this program include: homes with fuses or stab-lok circuit breakers, homes without a permanently installed air conditioner, and homes with a fireplace or wood burning stove as the primary source of heat.
Call us today to review your coverage options and to see if a Dwelling Fire Basic policy is right for you.