Dwelling Property Forms

Question 1

Name eligible dwellings

Answer 1

1 - 1-4 family homes
2- rented to others
3 - owned by a corp or partnership
4 - Low valued
5 - Mobile homes

Question 2

What is the standard deductible for a dwelling policy?

Answer 2

$500

Question 3

What is included on a dwelling dec page?

Answer 3

• deductible
• rating info
• coverage forms (perils)
• mandatory and optional endorsements
• location

Question 4

DP1

Answer 4

Dwelling Property Basic Form

Question 5

Coverage A

Answer 5

Dwelling: including permanently installed building equipment and outdoor equipment to service the property

Question 6

Coverage B

Answer 6

Other Structures: DETACHED; excluding commercial use

Question 7

Coverage C

Answer 7

Personal property or contents; belonging to insured, family members, guest or servant

tenants and boarders are not covered

Question 8

Coverage D

Answer 8

Fair Rental Value; rental monies which insured is entitled due to covered loss until property is restored

Question 9

What coverage is not automatic under a DP1?

Answer 9

Coverage E is not automatic, it may be selected if desired as additional coverage

Coverage E IS automatic under DP2 and DP3

Question 10

Other coverages means

Answer 10

Clarification of coverage

Question 11

Other coverages on DP1

Answer 11

R: Rental value 20% of A
I: Improvement, alterations, additions applies only if insured does not own premises - 10% of C
O: Other structures - 10% of A not used in business
T: Temporary location when covered - property is removed to save from covered perils - 5 days
R: Repairs to protect from further damage
O: Off premises personal property - 10% of C worldwide excludes boats
D: Debris removal, cost of after a covered loss

Question 12

DP1 named perils

Answer 12

Fire, Lightning, plus internal explosion (referred to as fire)

Add FLORIDA mandatory Endorsement: CGCC Catastrophic Ground Cover Collapse

Question 13

Extended coverages may be purchased for a DP1. Name them

Answer 13

WHARVES & vmm

W: Windstorm
H: Hail
A: Aircraft
R: Riot or civil commotion (not war)
V: Vehicles, 72hrs after Volcanic Eruption
E: Explosion
S: Smoke excluding fireplaces

VMM: Vandalism or Malicious Mischief

Question 14

What is excluded under a DP1?

Answer 14

W: water damage by flood, sewers, or underground seepage
O: ordinance or laws where enforcement causes increases in construction cost
P: power interruption damage if power source is away from premises
E: earth movement other than CGCC
R: rebellion, revolution, insurrections, war, govt action

Question 15

DP2

Answer 15

Dwelling Property Broad Form

Question 16

What changes from a DP1 to a DP2?

Answer 16

Coverages A thru D are almost the same as a DP1 but now Add coverage E which may be added to a DP1 by endorsement

Min limits for cov a - $12,000

Question 17

Coverage E

Answer 17

Additional Living Expense - to maintain normal living standard while dwelling is being repaired

Question 18

DP2 named perils

Answer 18

Fire, Lightning, and WHARVES
Add FLORIDA mandatory Endorsement: CGCC
VMM built into DP2

Question 19

Vacancy

Answer 19

60 consecutive days

Question 20

DP2 Additional Perils (not in DP1)

Answer 20

C: collapse caused by certain perils
A: accidental discharge or water/steam from household appliances such as ac, plumbing, heating
P: pipe damage from freezing of all plumbing systems

B: burglar damage to premesis
O: objects falling - excludes tv antenna, awnings, fences
B: Breakage of glass
B: bulging steam or hot water heating&plumbing systms
I: weight of ice, snow or sleet
E: electrical damage from artificially generated electrical current

Question 21

DP2 Other Coverages

Answer 21

R: Rental value & additional living expenses - 20% of A
I: Improvement, alterations, additions applies only if insured does not own premises - 10% of C
O: Other structures - 10% of A not used in business
T: Temporary location when covered - property is removed to save from covered perils - 30 days
R: Repairs to protect from further damage
O: Off premises personal property - 10% of C worldwide excludes boats
D: Debris removal
S: Shrubs, trees, plants - max 5%of A, $500 max on each - are covered for FLAREV perils

Question 22

FLAREV`

Answer 22

Fire
Lightning
Aircraft
Riot
Explosion
Vandalism

Question 23

Settlement under DP2

Answer 23

replacement cost - cov a & b only - pays new for old if property insured for 80% or replacement cost (must notify company within 180 days of intent to replace) if not repaired in a reasonable time, ACV is paid

Question 24

Which dwelling policy is the CGCC mandatory endorsement added to?

Answer 24

DP1, DP2, AND DP3

Question 25

Building Ordinance

Answer 25

automatic on DP2&3 for building owner - 10% of A, for non-owner - 10% of B, for tenant - 10% of improvement limit applies

DP1 may get this through endorsement

Question 26

DP3`

Answer 26

Dwelling Property Special Form

Question 27

What is different between a DP2 and DP3?

Answer 27

open perils unless excluded

replacement cost on A&B is same as DP2

Question 28

DP3 Exclusions

Answer 28

WOPER & WISER
Water damage Wear&tear
Ordinance or laws Insect, animal
Power interruption Smog,mold,rot
Earth movement Expansion/settling
Rebellion, revolution Rust&deterioration

Question 29

Examples of covered losses under DP3 NOT covered under DP2

Answer 29

• interior damage to dwelling from wind/rain w/o exterior damage
• theft of integral part of the building

Question 30

Florida Law: Windstorm coverages

Answer 30

must be provided under all residential property policies except when eligible for wind-only coverage from citizens. insured has option to exclude wind if in insured own handwriting and signs his/her name, which also must be signed by every other NI on the policy AND written statement from mtg indicating approval of electing to exclude windstorm/ hurricane covg

Question 31

DP3 Endorsements

Answer 31

Broad form theft
Limited theft
CGCC
Sinkhole
Building Ordinance
Automatic inc in ins
Cover personal property associated with business 
personal liability coverage form

Question 32

Broad form theft endorsement

Answer 32

owner occupied - on/off premises - internal limits $200 money; $1500 trailer,jewelry, watercraft; $2500 firearms&silverware

Question 33

Limited theft endorsement

Answer 33

Non-owner occupied - on premises only internal limits $1500 trailers, watercraft $2500 firearms

Question 34

Catastrophic Ground Cover Collapse: CGCC

Answer 34

Added to all dwelling forms; includes geological activity resulting in:
ABRUPT collapse of ground cover
A DEPRESSION in ground visible to naked eye
STRUCTURAL DAMAGE to building, include foundation
CONDEMNED/ ORDER TO VACATE by govt

Cost to fill the collapse not covered

Question 35

Sinkhole coverage endorsement

Answer 35

optional, policy can be issued without sinkhole covg bc CGCC has limited covg

Question 36

Building Ordinance endorsement

Answer 36

optional increase of the 10% automatically included by Florida law up to 25-50%

1. Value of undamaged portion of building to be demolished bc of ordinance or code
2. Cost to demolish
3. Increased cost to rebuild back to code

Question 37

Automatic increase in insurance

Answer 37

annual % increase 4% or higher on A&B prorated throughout the policy

Question 38

Is there liability coverage under dwelling?

Answer 38

NO; but it can be bought and added on

Question 39

Dwelling Cancellation under 90 days

Answer 39

Material Misrep - 0 days
Failure to comply - 0 days
Other reasons - 20 days

Question 40

Dwelling Cancellation over 90 days

Answer 40

Material Misrep - 120 days written
Failure to comply - 120 days written
Substantial Risk Change - 120 days written
Cancel Class of Risk - 120 days written
Non-renewal - 120 days written

Question 41

How many days notice for nonpayment of premium?

Answer 41

10 days written notice

Question 42

How many days notice for renewal?

Answer 42

45 days written of renewal premium