Term
Dwelling:
(unique from Homeowners Policy)
Eligibility:
policies may be used to insure:
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Definition
-not required to be owner occupied
-covers risk like rental property, older homes, and hunting cabins
-vacation homes
-rental property
-Dwellings with 4 units in which each unit may accommodate occupants
-mobile homes meeting certain qualifications, permanently located
-Dwellings under construction
NO COVERAGE TO TENANTS
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Term
Dwelling Property Coverages
Other Coverages (automatically included) |
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Definition
Coverage A - Dwelling
Coverage B - other structures 10% of A
Coverage C - Personal property on premises 50% of A
Coverage D - Fair rental value (lost rents)
Coverage E - Additional living expenses
-included with DP-2 & DP-3. Can be added to DP-1 by endorsement
-Debris removal
-Renters improvements (10% of C)
-Property Removed (30 days in storage)
-Fire Department Service Charge $500
-Reasonable Repairs
-Worldwide personal property (10% of C)
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Term
Other Coverages: DP-2 & DP-3
Claim Values |
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Definition
-All basic other corverages
-Trees, shrubs, & plants (Max. $500 each, total 5% of A)
-Collapse-caused by a covered peril (hidden)
-Glass
-Ordinance of Law (10% of A)
-Removal-30 days
Personal Property - ACV (Average Cash Value)
Dwelling (DP-2 & DP-3) replacement |
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Term
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Definition
Basic (Named)
Fire
Lightning
Internal Explosion
EC- WCSHAVVER
V&MM
Broad (Named)
Water
Freezing
Weight of ice/snow/sleep
Collapse
Special (Open)
Flood
Earth Movement
Power Interruption off premises
Changes in building codes and ordinances |
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Term
Conditions Concerning How Losses Will Be Paid
Personal Liability Supplement
Coverage L-Personal Liability
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Definition
Fix, replace, or totalled
pro-rata
primary/excess
At fault
Bodily injury to others
Property damage to others on and off premises
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Term
Coverage M - Medical Payments
Additional Coverages (Supplementary limits) |
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Definition
Medical and bills of others
No Fault
3 years
on and off premises
Bonds $250
Aid
Interest
Lost Wages $250/day
Expense
Defense Costs
*Bodily Injuiry or property damage are excluded under both L and M coverage
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Term
Residential Theft Coverage
Broad
Limited
Exclusions |
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Definition
Not automatically included in dwelling policy
-On and off premise
Broad: owner occupied
Limited: not owner occupied
Exclusions:
-Animals
-Credit Cards
-Property in mail
-Aircraft
-Other Insurance property
-Tenant's property
-Business Property
-Property in custody of others
-Motor vehicles
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Term
Special limits
Endorsements |
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Definition
Special Limits:
- Apply to certain classes of property
- limit is total of each category
-$200 for money
-$1500 for jewelry, watches, furs, and precious and semiprecious stones
-$2500 for firearms
Endorsements:
Automatic increases in insurance
- Automatically increases dwelling and other structure coverage at renewal
> Specified percentage
- Dwelling Under Construction (named insured must be intended occupant
- Mobile Home (permanment foundation)
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