Explain the Dwelling Policy and Its Eligibility Flashcards

Is primarily used to insure private residential property that is not occupied by its owner, such as rental property, or private residential property that is occupied by its owner but does not qualify for a Homeowners policy because of age, value, location, or some combination thereof.

Insured under a Dwelling Policy ordinarily have less restrictive eligibility requirements to be met than properties insured under a Homeowners policy.

Dwelling muyst be used principally for dwelling purposes and may not have more than 4 apartment units, and not more than 5 roomers or boarders in total

Mobile homes if they are permantely located, but only on the Basic Form. The coverage, however, would not include an attached carport.

Incidental business occupancies are permitted, providing they are of the service type, such as a beauty shop, professional office, music lesson studio, etc. And do not involve retail sales or manufacturing, or have more than 2 persons at work at any 1 time.

Dwellings located on farms are insured under property coverage forms and are not eligible under the Dwelling policy.

The perils that are covered are: fire, lightning, and internal explosion

Perils of wind, hail, aircraft, riot, vehicles, volcanic eruption other than loss caused by earthquake, land shockwave or tremor, explosion, and smoke are covered by adding? For an additional premium.

Perils of vandalism and malicious mischief may be covered by adding? For an additional premium.

Even if the optional Vandalism and Malicious Mischief Endorsement (VMM) is added, it excludes loss for vandalism occurring after - - days of vacancy?

Losses to the Dwelling, other structures, and contents are paid on --- to the insured?

The perils that are covered are those included under the DP-1 with the ECE and optional VMM endorsement, attached plus; damage by burgulars, falling objects, weight of snow, ice, and sleet, accidental discharge or overflow of water or steam, sudden and accidental tearing apart, cracking, burning of bulging of a steam or hot water heating system, or an air conditioning or automatic fire protective sprinkler system, or an appliance for heating water, freezing of plumbing, heating, air conditioning, or automatic and accidental damage from artificially generated electrical current.
These are all covered under the - - Dwelling coverage form?

The burglary damage peril includes damage to the covered property caused by the burglars, but not theft of property. The vehicle peril does not include loss to fence, drivway, or walk caused by a vehicle owned or operated by the insured. The smoke peril does not include loss caused by smoke from argicultural smudging or industrial operations.

Losses to the dwelling and other structures are paid on a _ _ basis, and losses to contents are paid on an _ _ _ basis to the insured?

The dwelling and other structures are covered for all direct physical damage (open peril), except for perils specifically excluded.