Dwelling Flashcards
Dwelling Policy vs Homeowner Policy
dwelling does not require the risk to be occupied.
Dwelling policy does not contain the peril of theft
Dwelling Policy Eligibility
single family 1-4 family homes duplexes, triplexes Maximum of 5 roomers or boarders Dwellings under construction permanently installed mobile homes only incidental business risks
DP1(Basic)
fire, lightning, internal explosion
DP1-Fire
Must be hostile fire not friendly
only direct damage is covered.
DP1-Lightning
electricity atmospherically produced by nature.
DP1-Internal Explosion
Ex: furnace, stove, hot water heater.
It does not mean: electrical arcing, breakage of water pipes, breakage of operation of pressure release devices, or steam boilers/steam pipes.
Extended Coverage Perils
Wind/Hail-must have damage to the outside of the damages. Awnings, signs, radio or tv antennas, rowboats, canoes are excluded.
Explosion
Riot or Civil Commotion
Aircraft damage
vehicular damage-excludes when caused by a vehicles owned and operated by an insured or a residence
smoke-does not cover agricultural smudging or industrial operation.
volcanic eruption
DP2 Broad Form
Named peril for structure or contents for direct loss caused by fire, lightning, and internal explosion.
Extended coverage perils. It also provides coverage for broad form perils
Broad form perils
Damage by burglars
Weight of Ice, snow, or sleet
Accidental discharge
Falling objects-there must be damage to outside of the dwelling first.
Freezing-provided heat was maintained, or the water was drained.
Artificially Generated Electrical Current***
Sudden and Accidental Tearing Apart, Cracking, burning or bulging.
DP3-Special Form
Open peril for dwelling and other structures subject to exclusions.
Named perils for personal property-same perils as provided on a DP-2.
DP3-Exclusions
war
smoke from agricultural smudging
smog
mech. breakdown
Settling
loss caused by birds vermin, rodents, insects or domestic animals
wind, hail, ice, snow or sleet damage to antennas, lawns, plants shrubs and trees.
Freezing, thawing, or damage caused by weight of ice, snow or sleet to awnings fences, pavements patios, swimming pools, foundations, retaining walls, bulkheads, piers, wharfs, docks.
Theft of property not actually part of the insured dwelling
Vandalism or glass breakage if the dwelling has been vacant for more than 60 days
Any loss involving collapse other than provided under other coverages
discharge, dispersal, seepage, migration release or escape of pollutants, meaning any solid, liquid, gaseous or thermal irritant.
Dwelling Form Coverage A
Coverage A=Building
DP1-Pays on an ACV Basis
DP-2 and DP-3 pay on replacement cost basis.
Coverage B= Other Structures
10% of the coverage A amount. This is additional coverage for a DP-2 and a DP-3
DP-1 it is included in the limit of liability
Coverage B Other Structures does not apply to:
any structures used for business or farming purposes
to any structure rented or held for rental to a person who is not a tenant of the building
To any structure that contains commercial manufacturing or farming property that is owned by the insured or a tenant.
to grave markers or masoleums
Coverage C: Personal Property
Paid on an ACV Basis
Coverage is only at the insured location
10% coverage is provided for property off the premises on a worldwide basis.
Newly purchased residences have coverage automatically for 30 days.
Coverage C Personal Property Exclusions
a. accounts, bank notes
b. animals, birds, fish
c. Aircract
d. Boats(other than rowboats and canoes)
e. Data
f. Credit Cards
g. motor vehicles unless used to service the described location or designed to assist the handicapped.
h. hovercraft
i. Water or steam
j. gravemarkers, including mausoleums
Coverage D Fair Rental Value
an indirect loss that will pay the fair rental value of that part of the described location rented to others.
Payment is for the shortest time required to repair/replace the damaged part.
DP1-included in the limit of liability20% of coverage A.
DP2 and DP3-an additional amount of coverage.
Civil Authority
the government prevents an insured to use his covered property, due to direct damage to a neighboring location, coverage is provided.
Coverage E Additional Living Expenses
increase in living expenses when a property is unfit for use.
DP1-needs to be purchased separately
DP2 and DP3-combine additional living expenses and fair rental value up to 20% of coverage A in addition to the limits
Other Coverages-Debris Removal
included in the limit of liability. Not additional insurance
Improvements, Alterations, Additions
If a tenant, 10% of coverage c is available for any improvements, additions or alterations. must be used solely by the insured.
World Wide Coverage
10% of the coverage C limit except for rowboats and canoes.
Reasonable Repairs
does not increase the limit of liability
used to prevent further damages
does not relieve the insured of his/her duties
Property Removed
covers personal property for any cause while being removed from the premises endangered by a peril insured against.
Max of 30 days.
Trees Shrubs and Other Plants
vandalism/malicious mischief, burglary damage, but not theft.
Additional Insurance. 5% of the Cov A limit
Max of $500 for any one tree, shrub, or plant
Fire Department Service Charge
$500 limit
Additional coverage
No deductible applies
Collapse
Included in the DP2 and DP3 Covered abrupt falling down or caving in of a building or any part caused by a. perils insured against b. hidden decay c. hidden vermin or insect damage d. weight of contents e. weight of rain collected on a roof f. use of defective materials. Does not increase the limit of liability
Glass or Safety Glazing material
coverage only under dp2 and DP3
does not apply if premises have been vacant if longer than 60 days.
Does not increase the limit of liability
Ordinance or Law
DP2 and DP3 only.
10% of coverage A. Additional insurance
Used for enforcement of code upgrades.
General Exclusions
- war
- nuclear hazard
- water damage
- Earth movement
- Ordiance or Law-except as provided under other coverages
- Governmental Action
- Power Failure
- Neglect
- Intentions Loss