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ExamFX : Types of Property Policies Chapter

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Dwelling ('02) Policy

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Dwelling ('02) Policy

Is used to insure 1-4 unit residential dwellings that are not eligible for coverage under the regular homeowners program because of age, location, value, or other factors.

3 Coverage Forms (Dwelling Program)

1.DP 00 01- Basic
2.DP 00 02-Broad
3.DP 00 03-Special

Is a named peril coverage form and provides the most limited coverage of the 3 forms. Losses under this form will be paid on ACV basis.

Basic Form Insures Against

1. Fire
2.Lightning
3.Internal Explosion
4. Windstorm or Hail
5.Explosion
6.Smoke- Loss or damage
7.Aircraft and vehicles- loss or damage
8.Riot or civil commotion
9.Volcanic Eruption

Can be used to remember extended coverage perils: Windstorm Hail Aircraft/vehicle Riot/civil commotion Volcanic eruption Explosion Smoke