Which ISO Dwelling Property form provides open-perils coverage on the dwelling structure but only named-perils coverage on personal property?
a.HO-3 Special Form
b.DP-3 Special Form
c.DP-1 Basic Form
d.DP-2 Broad Form
Explanation
The DP-3 Special Form insures the dwelling and other structures on an open-perils (all-risk) basis, meaning any cause of loss not specifically excluded is covered. Personal property under DP-3, however, is still written on a named-perils basis. DP-1 uses named perils throughout, DP-2 uses broader named perils throughout, and HO-3 is a homeowners form, not a dwelling form.
Law Reference: ISO Dwelling Property forms (DP-1, DP-2, DP-3)This topic, taught in full in the California Property & Casualty Broker-Agent guide. California Property & Casualty Broker-Agent Study Guide — 2026 Edition — PDF + EPUB, $24.99 · 14-day refund →
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Related questions on this topic
- By default, on what valuation basis are losses to the dwelling settled under the DP-1 Basic Form?
- Which of the following risks is eligible to be insured under an ISO Dwelling Property policy?
- A dwelling is insured for $300,000 of Coverage A under a DP-3 with no endorsement modifying Coverage B. What is the standard amount of Coverage B (Other Structures) provided?
- Coverage E (Additional Living Expense) is available under which dwelling forms?
- Which statement about liability coverage under a standard ISO Dwelling Property policy is correct?
- To collect full replacement cost on a partial loss to the dwelling under DP-2 or DP-3, the insured must carry insurance equal to at least what percentage of the replacement value?
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