Dwelling Fire insurance provides financial protection in the event that your investment property and your personal property within it are damaged. Dwelling insurance is a type of insurance that covers the structure of your Property and the personal property within. It’s similar to homeowner’s insurance but less comprehensive. Dwelling insurance can be purchased to cover a home you live in (in some cases), or it can be purchased for homes that you own, for example a rental property or vacation property. These policies typically cover the structure. Dwelling insurance covers certain and specific perils, hazards that can damage your property.