Dwelling Policy (DP)Question 248 of 474
Which Dwelling form insures the dwelling on an open-perils basis, providing the broadest property coverage?
a.DP-1 (Basic)
b.DP-0 (Minimum)
c.DP-2 (Broad)
d.DP-3 (Special)
Explanation
The DP-3 (Special) form is the broadest Dwelling form, insuring the dwelling and other structures on an open-perils basis while covering personal property on a named-perils basis. The DP-1 (Basic) covers a short list of named perils and is narrowest, and the DP-2 (Broad) covers more named perils but is still not open-perils. There is no standard DP-0 form.
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Related questions on this topic
- A DP-3 dwelling insured for $300,000 (which equals 100% of its replacement cost) burns to the ground. The loss is total. Ignoring deductibles, what does the insurer pay?
- A broker writes a DP-3 on a client's three-unit rental building. The client also wants protection if a tenant sues for an injury on the premises. What is the proper way to add that protection?
- A landlord who rents out a single-family house and needs to insure the building and lost rental income would most appropriately use a:
- Under a Dwelling policy covering a rented home, the coverage that reimburses the owner for lost rent while the home is being repaired after a covered loss is:
- A major difference between a Dwelling policy and a Homeowners policy is that the Dwelling policy:
- Compared with a homeowners policy, a dwelling policy is best described as:
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