Term
| eligible for the dwelling property |
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Definition
- must be used principally for residential purposes
- cannot contain more than 4 dwelling units
- no more than 5 roomers
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Term
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Definition
- contents are paid on an actual cash value basis
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Term
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Definition
- Dwelling/structures paid on replacement basis
- Personal Property paid on actualy cash
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Term
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Definition
- Losses to dwelling paid on a replacement cost basis
- Losses to personal property paid on actual cash value basis
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Term
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Definition
- Dwelling
- structures attached to the dwelling
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Term
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Definition
other structures on the described location if they are separated or detached from the dwelling
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Term
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Definition
Personal Property
- Pays 50%
- Covers moved property for 30 days
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Term
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Definition
insurance for indirect losses that occur as a result of direct losses to property insured under Coverages A, B, or C
- Fair rental value
- No more than 2 Weeks
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Term
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Definition
Additional Living Expenses
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Term
| additional coverage Debris Remova |
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Definition
| pays the insured’s reasonable expenses for the removal of debris |
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Term
| additional coverage Improvements, Alterations, and Additions |
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Definition
| pays a tenant up to 10% of the Coverage C limit for improvements made or acquired at the insured’s expense |
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Term
| additional coverage Reasonable Repairs |
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Definition
| pays the reasonable costs incurred by the insured for necessary measures taken to protect covered property from further damage |
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Term
| Property Removed additional coverage |
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Definition
| covers property against direct loss for all perils while being removed from the described |
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Term
| Trees, Shrubs, and Other Plants is an additional coverage |
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Definition
- limit of up to 5% of the Coverage A (Dwelling)limit
- with a maximum of $500 for any one tree, shrub, or plant.
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Term
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Definition
- only provided under the DP–2 and DP–3 forms
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Term
| General Dwelling exclusions |
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Definition
- Ordinance or Law / Water Damage
- Earth Movement / Neglect
- Power Failure (off prem)
- War, nuclear hazard, and intentional loss
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Term
| Automatic Increase in Insurance Endorsement |
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Definition
- Off set inflation
- Applied by % in endorsment annually
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Term
| Broad Theft Coverage endorsement |
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Definition
| provides insurance for the perils of theft, attempted theft, and vandalism or malicious mischief that results from theft or attempted theft |
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Term
| Dwelling under Construction endorsement |
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Definition
| coverage for personal liability and medical payments to others |
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