Dwelling Policy Flashcards
How many roomers or boarders are allowed in regards to a DP?
Up too 5 roomers or boarders
What are the 3 types of forms in regards to a dwelling policy?
Basic 01 or DP1 Named Peril
Broad 02 or DP2 Named Peril
Special 03 or DP3 Open and Named Peril
In regards to a dwelling policy what form is an open peril coverage form?
DP3 or Special 03
Vandalism and Malicious Mischief (VMM) coverage is lost on a dwelling policy if the property is vacant for more than how many consecutive days?
More than 60 Consecutive Days
W.H.A.R.V.E.S.
Windstorm, Hail, Aircraft / Vehicles, Riot / Civil Commotion, Volcanic Eruption, Explosion, Smoke
What perils does the DP-2 broad form cover?
Bursting of heating systems, Burglary damage, Breaking of water heaters, Ice (snow and sleet), Collapse of building or part of a building, Electrical damage (artificially generated), Glass breakage, Objects falling from outside
Leakage of water or steam damage, Freezing of plumbing
B.B. BICE-GOLF
Bursting of heating systems
Burglary damage
Breaking of water heaters
Ice, Snow, Sleet
Collapse of building or part of a building
Electrical damage (artificially generated)
Glass breakage
Objects falling from outside
Leakage of water or steam damage
Freezing of plumbing
What is the maximum amount a policy will pay for Lawns, Trees, Shrubs, and Plants?
Insurance will cover a maximum of $500 per tree, shrub, plant and a maximum per loss of 5% of the amount on the dwelling.
What forms cover collapse from hidden decay, insect, vermin, weight of personal property, rain that collects on the roof, and/ or the use of defective materials in construction?
Both DP2 Broad and DP3 Special both include coverage against collapse.
What are the 4 property coverages in a Dwelling policy? and what is the 5th additional property coverage that can be added by endorsement to a DP-1?
Coverage A - Dwelling
Coverage B - Other Structures
Coverage C - Personal Property
Coverage D - Fair Rental Value
Coverage C - Additional Living Expenses
Coverage C - Additional Living Expenses is included without endorsement on what dwelling policies?
Both DP-2 and DP-3 include Coverage C - Additional Living Expenses. Coverage D can be added to a DP-1 by endorsement.
What does Coverage A cover?
Coverage A - Dwelling
Dwelling on the described premises listed on the declarations page.
Materials or supplies located on or next to the described premise used to construct, alter or repair the dwelling or any other structures on the premise.
Building equipment and outdoor equipment located on the premise and used to service the location.
What does Coverage B cover?
Coverage B - Other Structures
Covers other separate structures at the same location
What does Coverage C cover?
Coverage C - Personal Property
Covers personal property usual to a residence
What does Coverage D cover?
Coverage D - Fair Rental Value
Applies if property under coverage A,B, or C becomes damaged or destroyed by a peril covered in the policy.
