What does Dwelling Property Coverage Forms mean? Read on to discover the definition & meaning of the term Dwelling Property Coverage Forms - to help you better understand the language used in insurance policies.
Dwelling Property Coverage Forms
Alternative forms to homeowners policies that may be used to insure physical damage to dwellings and personal property. Unlike homeowners forms, these policies do not insure liability or medical payments exposures. There are three dwelling property forms in the Insurance Services Office, Inc. (ISO), forms portfolio: the basic form (DP 00 01), the broad form (DP 00 02), and the special form (DP 00 03). The basic form covers only damage from fire, lightning, and internal explosion, but additional perils can be covered by endorsement. The broad form covers direct damage to dwellings and personal property on a broad named perils basis. The special form covers direct damage to dwellings and appurtenant structures on an all risks basis while covering personal property on a broad named peril basis.
We hope the you have a better understanding of the meaning of Dwelling Property Coverage Forms.