Mobile homes are eligible if they are permanently located, but may only be covered by the Basic Form. Coverage may not include an attached carport.
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1 4 Dwelling Policy OVERVIEW The Dwelling Policy is used to insure private residential property that is not occupied by its owner, such as rental property, as well as some owner-occupied private residential property that does not qualify for a Homeowners policy because of age, value, or location. Upon the completion of this chapter, you will be able to: Identify the purpose of a dwelling policy, including eligibility requirements Differentiate between the DP 1, DP 2, and DP 3 forms of coverage in terms of perils insured against and how losses are paid Identify the different types of dwelling coverages and the limits of liability for each Recognize the general exclusions of a dwelling policy Recognize the common endorsements that may be added to a dwelling policy 4.1 Eligibility To be eligible, dwellings must be used principally for residential, non-commercial purposes and cannot have more than 4 apartment units, nor more than 5 occupants in total. Mobile Homes Mobile homes are eligible if they are permanently located, but may only be covered by the Basic Form. Coverage may not include an attached carport. Incidental Business Occupancies Incidental business occupancies, such as a beauty shop, professional office, or music lesson studio, are permitted if they do not involve retail sales or have more than 2 persons at work at any one time. Farm Residences Dwellings located on farms are not eligible. Retention Question 1 Which of the following would be eligible for Dwelling policy coverage? a. An incidental business occupancy employing 3 people who work at the same time b. A single family home located on a farm c. A mobile home that is permanently located d. An owner occupied apartment building with 5 units 42 A.D.Banker&Company
2 DWELLING POLICY 4.2 Dwelling Coverage Forms DP-1 (Basic Form) The perils covered by the DP-1 basic form are fire, lightning, and internal explosion. An Extended Coverage Endorsement (ECE) may be added for an additional premium, covering losses from wind, hail, aircraft, riot, vehicles, explosion, and smoke (WHARVES), and volcanic eruption (other than loss caused by earthquake). The perils of vandalism and malicious mischief may be covered by adding the optional Vandalism and Malicious Mischief Endorsement (VMM) for an additional premium. The vehicle peril does not include loss to a fence, driveway, or walk caused by a vehicle owned or operated by the insured. The smoke peril does not include loss caused by smoke from agricultural smudging or industrial operations. If the optional Vandalism and Malicious Mischief Endorsement (VMM) is added, it excludes loss for vandalism occurring after 60 days of vacancy. Losses to the dwelling, other structures, and contents are paid on an actual cash value () basis. DP-2 (Broad Form) The broad form covers all the perils listed in DP-1 (including the ECE and VMM endorsements), plus: Damage by burglars Falling objects Weight of snow, ice, and sleet Accidental discharge or overflow of water or steam Sudden and accidental tearing apart, cracking, burning or bulging of a steam or hot water heating system, air conditioning or automatic fire protective sprinkler system, or an appliance for heating water Freezing of a plumbing, heating, air conditioning, or automatic fire protective sprinkler system, or of a household appliance Sudden and accidental damage from artificially generated electrical current The burglary damage peril includes damage to the covered property caused by the burglar, but not theft of property. Losses to the dwelling and other structures are paid on a replacement cost basis, subject to an 80% coinsurance provision, and losses to contents are paid on an actual cash value basis to the insured. DP-3 (Special Form) The dwelling and other structures are covered for all direct physical damage on an open perils basis, except for perils specifically excluded by the policy. Theft of property that is part of the dwelling or other structures is covered as long as the dwelling or other structures have not been vacant for more than 60 days. Personal property is covered for loss by any of the Broad Form (DP-2) perils. Losses to the dwelling and other structures are paid on a replacement cost basis, subject to an 80% coinsurance provision, and losses to personal property are paid on an actual cash value basis to the insured. A.D.Banker&Company 43
3 CHAPTER FOUR Perils Insured Against Peril DP-1 DP-2 DP-3 Buildings Special Form DP-3 Personal Property (Coverage C) Fire Open perils coverage Lightning Internal Explosion N/A N/A Riot/Civil Commotion * Explosion * Vehicles * Smoke * Hail * Aircraft * Windstorm * Volcanic Eruption * VMM ** Burglar Damage Weight of Ice, Snow, Sleet Accidental Discharge or Overflow of Water/Steam Falling Objects Accidental Tearing, Cracking, Burning Electrical Current Freezing * Extended coverages available at additional cost ** Available at additional cost Retention Question 2 The Dwelling Broad Form (DP-2) includes coverage for all of the following, except: a. Breakage of glass that is a part of a building, storm door or window b. Damage caused by burglars c. Accidental discharge or overflow of water or steam from a heating or air conditioning system or household appliance d. Water damage by flood Retention Question 3 Which is true of the Special Dwelling Forms? a. Contents are covered on an actual cash value basis b. The special form insures personal property on an open perils basis c. Theft of contents is automatically covered d. Losses to the dwelling are paid on an actual cash value basis 44 A.D.Banker&Company
4 DWELLING POLICY 4.3 Dwelling Coverage Coverage A Dwelling Coverage B Other Structures Coverage C Personal Property Coverage D Fair Rental Value Coverage E Additional Living Expenses Coverage A Dwelling This coverage applies to the dwelling described in the Declarations including structures attached to the dwelling, such as an attached garage or carport. Coverage also includes materials and supplies on or next to the described location for the alteration or repair of the dwelling or other structures. The limit of liability for Coverage A is specified in the policy. Unless otherwise covered in the policy, building equipment and outdoor equipment used for the service of and located on the described location are considered as dwelling. This coverage does not apply to land, including land on which the dwelling is located. Coverage B Other Structures This coverage applies to other structures on the described location that are detached from the dwelling, such as sheds, outbuildings, and detached garages. Coverage does not apply to land, including land on which the other structures are located as well as structures used for commercial, manufacturing, or farming purposes. Coverage Limits The Coverage B limit of insurance is 10% of the Coverage A limit. On the DP-1 form, this limit is included in the total amount of insurance available, while in the case of the DP-2 and DP-3, this limit is in addition to the amount of insurance available in the Coverage A limit. Take Note Neither Coverages A nor B cover wind, hail, ice, snow, or sleet damage to outdoor radio and television antennas and aerials, including their lead-in-wiring. Coverage C Personal Property Coverage C applies to household and personal property usual and incidental to the occupancy of the premises, and owned by the insured or by members of the insured s family residing with the insured while it is on the described location. Coverage C will cover personal property of a guest or servant while the property is on the described location. Personal property of a tenant or boarder is not covered. Coverage automatically applies to personal property the insured removes from the location to a newly acquired principal residence for 30 days or until policy expiration, whichever occurs sooner. Coverage specifically excludes: accounts, bank notes, coins and currency; birds, animals, and fish; watercraft other than rowboats or canoes; motor vehicles other than those used to service the described location or to assist the handicapped; electronic data processing tapes, wires, and records; and credit cards or fund transfer cards. The insured may use up to 10% of the Coverage C limit of insurance for loss caused by an insured peril to covered property removed from the premises, except rowboats and canoes, anywhere in the world. A.D.Banker&Company 45
5 CHAPTER FOUR Coverage D Fair Rental Value Coverage D is an indirect loss coverage that applies following a direct loss to property described in Coverages A, B, or C. This coverage pays the fair rental value of the part of the described location that is rented to others at the time of a loss. The Coverage D limit of insurance is 20% of the Coverage A limit and is automatically included under each of the dwelling forms. On the DP-1 form, this limit is included in the total amount of insurance available, while in the case of the DP-2 and DP-3, this limit is in addition to the amount of insurance available in the Coverage A limit. Coverage E Additional Living Expense Coverage E is an indirect loss property coverage that applies following a direct loss to property described in Coverages A, B, or C, and is automatically included only in the DP-2 and the DP-3. This coverage pays the additional living expense incurred by the insured when an owner-occupied dwelling sustains a direct loss. Additional living expenses are deemed those sustained by an insured household in order to maintain its normal standard of living. Coverage can include the increased auto expense of driving a greater distance to and from work as the result of a direct loss. The Coverage E limit of insurance is 20% of the Coverage A limit, and is in addition to the Coverage A limit. DP 1 Basic Form DP 2 Broad Form DP 3 Special Form Loss Settlement Insurance Loss Settlement Insurance Loss Settlement Insurance Coverage A Liability RC Liability RC Liability Coverage B 10% Cov A (not additional insurance) RC 10% Cov A RC 10% Cov A Coverage C Insured s choice Insured s choice Insured s choice Coverage D (not additional insurance) Coverage E None Retention Question 4 Under Coverage C of the Special Dwelling Form, all of the following are included, except: a. Household and personal property b. Property of others that is in the care, custody and control of the insured c. At the insured s option, property of guests and servants d. Pets belonging to the insured 46 A.D.Banker&Company
6 DWELLING POLICY Retention Question 5 The Coverage B limit is what percent of the Coverage A limit? a. 5% b. 10% c. 25% d. 50% Retention Question 6 What coverage is provided by Coverage D of the Dwelling Policy? a. Personal property b. Additional Living Expense c. Fair Rental Value d. Other Structures Other Coverages Debris Removal The insurer will pay the insured s reasonable expenses for the removal of debris of covered property if the property is damaged by an insured peril. Debris removal is included in the limit of insurance applying to the damaged property. Improvements, Alterations, and Additions If a tenant, at his/her own expense, makes improvements, alterations, or additions to that part of the described location that is used only by him/her, this coverage will provide up to 10% of the Coverage C limit for loss by an insured peril to such improvements, alterations, and additions. On the DP-1 form, this limit is included in the total amount of insurance available, while in the case of the DP-2 and DP-3, this limit is in addition to the amount of insurance available in the Coverage A limit. Reasonable Repairs In the event that covered property is damaged by an insured peril, the insurer will pay the reasonable costs incurred by the insured for necessary measures taken to protect the property. This coverage does not increase the limit of insurance that applies to the covered property. Property Removed The insurer insures covered property against direct loss from any cause while being removed from a premises endangered by an insured peril. In the case of the DP-1 the property is covered for 5 days while removed, and in the case of the DP-2 and DP-3 the property is covered for 30 days while removed. This coverage does not increase the limit of insurance that applies to the property being removed. Trees, Shrubs, and Other Plants Under the DP-2 and DP-3 forms, coverage is provided for trees, shrubs, plants or lawns on the described location for loss caused by the following perils: fire; lightning; explosion; riot or civil commotion; aircraft; vehicles not owned by the insured or by a resident of the described premises; vandalism or malicious mischief; and damage caused during a burglary or attempted burglary. A.D.Banker&Company 47
7 CHAPTER FOUR Damage to trees, shrubs, plants, or lawns caused by the following perils are not covered: wind; hail; weight of snow, ice or sleet; and loss by theft. The limit of insurance for this coverage is up to 5% of the Coverage A limit, with no more than $500 for any one tree, shrub, or plant. This coverage is provided in addition to the Coverage A limit. Fire Department Service Charge Under each of the Dwelling forms, the insurer will pay up to $500 for the insured s liability assumed by contract or agreement for fire department charges incurred when the fire department is called to save or protect covered property from an insured peril. This coverage does not apply to fire department service charges if the property is located within the limits of the city, municipality, or protection district furnishing the fire department response. Collapse Under the DP-2 and DP-3 forms, coverage is provided for direct physical loss to covered property involving collapse of a structure or any part of a structure caused by an insured peril or any one of the following: hidden decay; hidden insect or vermin damage; weight of contents, equipment, animals or people; weight of rain which collects on the roof; and use of defective materials or methods in construction, remodeling or renovation if the collapse occurs during the course of the construction, remodeling, or renovation. Collapse does not include: settling, cracking, shrinking, bulging, or expansion. This coverage does not increase the limit of insurance. Glass or Safety Glazing Material Under the DP-2 and DP-3 forms, coverage is provided for the breakage of glass or safety glazing material that is part of a covered structure. The coverage does not include loss on the described location if the dwelling has been vacant for more than 30 consecutive days. Loss for damage to glass will be settled on the basis of replacement with safety glazing materials when required by ordinance or law. 4.4 General Exclusions The Dwelling forms do not insure against loss caused by any of the following. Ordinance or Law The insurer will not pay for losses caused by the enforcement of any ordinance or law regulating the use, construction, repair, or demolition of a structure, unless specifically provided under the policy. This would include, for example, re-modeling necessary to make a building compliant with the Americans With Disabilities Act (ADA). Earth Movement The insurer will not pay for losses caused by earthquake, including: land shock waves; tremors; landslide; mine subsidence; mudflow; mudslide; earth sinking, rising, or shifting. If a direct loss by fire, explosion, or breakage of glass or safety glazing material should ensue from earth movement, the policy would then pay only for the ensuing loss. Water Damage The insurer will not pay for losses caused by flood, tidal water, water that backs up through sewers or drains, or water below the surface of the ground which seeps through basement walls. If a direct loss by fire or explosion resulting from water damage should occur, the ensuing damage would be covered. 48 A.D.Banker&Company
8 DWELLING POLICY Power Failure The insurer will not pay for losses caused by the failure of power or other utility service if the failure takes place off the described premises. If an insured peril ensues on the described location as a result of the power failure, the ensuing loss would be covered. Neglect The insurer will not pay for losses caused by the neglect of the insured to use all reasonable means to save and preserve property at and after the time of a loss. War The insurer will not pay for losses caused by war, including undeclared war, civil war, insurrection, rebellion, revolution, or any warlike act by a military force. The discharge of a nuclear weapon will be deemed a warlike act, even if accidental. Nuclear Hazard The insurer will not pay for losses caused by any nuclear reaction, radiation, or radioactive contamination, whether controlled or uncontrolled, except that fire resulting from the nuclear hazard is covered. Intentional Loss The insurer will not pay for losses arising out of any act committed by or at the direction of an insured with the intent to cause a loss. Retention Question 7 Which of the following would not be covered by a Dwelling Policy? a. Debris Removal b. Fire Department Service Charge c. Trees, Shrubs and Plants d. Ordinance or Law 4.5 Selected Endorsements Automatic Increase in Insurance Endorsement Provides, at the annual renewal date of the policy, an automatic increase in the Coverage A and B limits of insurance based upon the impact of inflation in the geographic area where the property is located. Typical increases are provided at 4%, 6%, or 8% intervals. There is no additional charge to add the endorsement, but any additional increase in the Coverage A and B limits of insurance generated by the endorsement will increase the premium due at the renewal of the policy. Example If a dwelling is currently insured for $200,000 and the rate of inflation is 4% at the next renewal of the policy, then the coverage will be increased to $208,000 at renewal, and the insured will be charged premium on $208,000 instead of $200,000. A.D.Banker&Company 49
9 CHAPTER FOUR Broad Theft Coverage Endorsement Since none of the Dwelling Forms automatically cover theft of personal property or contents, this endorsement can be added for an additional premium to cover theft of personal property and contents of owner-occupied dwellings, co-op or condo units, and apartment renters. The endorsement covers theft, including attempted theft, and vandalism and malicious mischief damage resulting from theft or attempted theft. On-premises and off-premises coverage is available. Off-premises coverage applies only if on-premises coverage is purchased, and the amount of off-premises coverage may not exceed the on-premises coverage. Dwelling Under Construction Endorsement This endorsement provides the insured with coverage on the dwelling (Coverage A) while under construction. The premium is based on an average amount of insurance during construction. The endorsement contains special stipulations for recovery in the event of a loss before the dwelling is completed. The actual amount of insurance on any date while the policy is in force will be on a percentage basis proportional to completion. Retention Question 8 What coverage is not added to the policy by the Broad Theft endorsement? a. Damage by burglars b. Theft or personal property c. Attempted theft d. Vandalism and malicious mischief 4.6 Personal Liability Supplement Since the Dwelling Forms do not cover personal liability, this supplement may be attached as an endorsement for an additional premium, or it may be written as a separate policy to provide such coverage. The endorsement provides Coverage L (Personal Liability), and Coverage M (Medical Payments to Others). Coverage L (Personal Liability) applies to activities and conditions on the residence premises as well as personal (non-business) activities worldwide resulting in bodily injury or property damage to a third party arising out of the insured s negligence. Coverage M (Medical Payments to Others) provides medical payments to a third party for injury after an accident if the accident occurs on the insured location, as well as off the premises under certain conditions, regardless of fault or negligence of the insured. The endorsement also provides additional coverages for claim expenses, first aid expenses, and physical damage to the property of others. Retention Question 9 Which coverage is provided by the personal liability supplement? a. The supplement provides both medical payments and personal liability b. The supplement provides personal liability only c. The supplement provides medical payments only d. The supplement provides neither medical payments nor personal liability 50 A.D.Banker&Company
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