Dwelling Policy Flashcards
Boarder (Roomer) Also know as renter
Person who lives with someone else for an agreed upon price, usually for a considerable amount of time
Incidental Occupancy
Minor uses that are accessory to or support the predominant occupancy (piano teacher giving lessons in her home)
Ordinance
A law that must be complied with
Occurrence
an incident or event
overinsurance
when a property’s insurance coverage exceeds its cash value
premises
a house or building (including land and outer buildings) utilized by a business
Vandalism
intentional destruction or damage to property
Dwelling Property Policy - Residential Purposes
- Up to 5 roomers or boarders
- up to 4 residential units
- properties in the course of construction
- Owner occupied, tenant occupied or both
- Mobile homes on the basic form only, if they contain no more than one apartment, and are located at a permanent location listed in the policy.
- Seasonal dwellings unoccupied for 3 or more months during a 12-month period
- Not designed as farm property
Dwelling Form/Policy 1
is a named peril form and provides the most limited coverage of the three forms. No Minimum amount of insurance required for the basic form.
DP 01 WHARVES
Windstorm Hail Aircraft/vehicles Riot/civil commotion Volcanic Eruption Explosion Smoke
Dwelling Form/Policy 2
BB-Bice - Golf
Coverage expanded Bursting of heating system Burglary Damage Breaking of water heaters Ice, snow, or sleet weight Collapse of building or part of a building Electric Damage Glass Breaking Objects falling from outside Leakage of water or steam damage Freezing of plumbing
DP 3
is an open peril form, all perils are insured against except those specifically excluded.
Primary Difference Between DP 2 and DP 3
Theft of property that is a part of the dwelling or other structure is covered in the special form.
The coverage for accidental discharge or overflow of water and stream is expanded.
There is no exclusion for antennas, outdoor equipment, fences, or awnings from the period of falling objects.
The special form policy will provide coverage for damage to a roof caused by freezing or thawing of water under roof shingle.
Coverage A - Dwelling
The dwelling must be used principally for dwelling or residential purposes.
Any materials or supplies located next to the premises used to construct, alter, or repair the dwelling.
Land is not included
Coverage B - Other Structures
covers other separate structures at the same location such as a detached garage and other outbuildings, shed, fences
Land not covered
Conditions
Property Coverages
General Exclusions
