Dwelling Flashcards
What does a dwelling policy primarily pertain to ? [think nick]
Designed primarily for rental property as opposed to your home
What two big items are missing from dwelling policy?
Content and liability
content isn’t yours if you aren’t living there. It’s your renters
Renters insurance will cover liability
How many units can a dwelling policy cover?
Up to 4 units
Or 5 room and boarders
Can cover mobile homes
Incidental Business. No more that 2 people working [daycare example]
What does peril mean again?
The cause of the loss …. Ex Fire
What is the general exclusion in a dwelling form structure
Policy outlines for you what is NOT covered
Example . HOUSE GOT SMASHED IN A WAR
What are the 3 types of dwelling forms?
Basic - named peril [specifically named causes]
Broad- named peril [specifically named causes]
Special- open peril [Lists every peril that is NOT covered]
What is an interchangeable name for the 3 forms of dwelling?
Dwelling policy or DP
What is the DP-1 Basic Form ?
Losses paid on actual cash value basis
[ACV]
Replacement cost - depreciation = ACV
What does the basic for or DP-1 cover?
FIRE, LIGHTNING ,AND INTERNAL EXPLOSION
Dp-1 basic OPTION 1 gives you the option to acquire endorsements of what ? WHARVES
Windstorm
Explosion
Smoke
Aircraft/ vehicles
Riot/ civil commotion
Volcanic eruption
Dp- 1 Option 2 allows which endorsement to be added?
VMM
OR
vandalism & malicious mischief
OPTION 1 is required to be purchased before obtaining this
WHAT IS WHARVES?
Or
W.C. SHAVER?
Windstorm
Hail
Aircraft/vehicle
Riot/ civil commotion
Volcanic eruption
Explosion
Smoke
What is the DP 2- Broad form ?
A step up from basic , absorbs basic as well
Basic + extended coverage perils + v&MM + broad peril forms
At what percentage will there not be a deduction for depreciation under the Broad form ?
80%
What additional coverage come with the broad form rather than basic?
Burglary , falling objects, weight of ice or snow, freezing of plumbing
How much money on the braid form is covered for lawns, trees, shrubs and plants ?
500$
Max % of 5% of dwelling
What does collapse under broad form EXCLUDE?
Settling, cracking , shrinkage , bulging, or expansion
What is the max amount that Broad Theft coverage can pay out ?
2,500
What are some broad theft coverage exclusions?
Animals, aircraft, mail , credit cards, property of tenants
Biggest difference of DP -3 special form ?
All perils insured except for those that are specifically excluded
Also include the first two forms … basic and broad
What is the most common form used under the dwelling policy ?
DP 3 or special form due to the most coverage
What is 100% of the Dwelling policy Coverage?
The dwelling itself
What is other structures in a dwelling coverage?
10%
Unattached structures such as unattached garage
What is coverage C? C =?
Content or personal property
What are the conditions under a dwelling policy form?
Policy period [length]
Limit or insurance
Concealment or fraud
Duties after a loss
Loss settlement
Pair or set
Appraisal
Other insurance
what is the maximum time limit during which multiple volcanic activities are part of one occurrence?
72 hours
within how many years of a loss may an insured bring a lawsuit against an insurer to the dwelling policy?
2 years
within the first 60 days of coverage under a dwelling policy how much notice is required before cancellation ?
10 days
Under the dwelling policy , if an insurer chooses to repair or replace damaged or lost property , it must inform the insured within how many days ?
30
A domestic animal destroys the house including a couch, window pane , and curtains .. how much will the payout be ?
$0 , domestic animals is excluded under special forms dwelling policy
