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Highlights of Policy Forms - Coverages

  1. Dwelling Fire Policy (DP-1)
    • This form is a Named Perils policy. For coverage to apply, the cause of the loss must be one of the perils insured against as listed on pages 3-4 of the policy. Theft is excluded from coverage.
    • Exclusions are listed on pages 4-5.
    • Your Duties After Loss are on pages 5-6. In case of a loss, please review.
    • Settlement is based on actual cash value for all coverages, i.e., house, other structures and personal property. Actual cash value is defined as replacement cost less depreciation. Depreciation is determined using the age of an item and its life expectancy. Loss settlement is on page 6.
    • Tree removal is limited to removing the tree from the covered structure and placing it on the ground. No coverage for removing the debris from the property.
  2. Homeowners Policies (HO-8, 2 & 3)
    • The HO-8 and HO-2 forms are Named Perils policies. Perils insured against are listed on page 7 for the HO-8 and pages 8-10 for the HO-2. For damage to be covered, it must be caused by one of the named perils. This applies to both structure and personal property coverage.
    • The HO-3 form is a broad coverage form for structures and a named perils form for personal property. The perils are listed on pages 10-11.
    • Loss settlement for structures (buildings) is on a replacement cost basis. HO-8 using modern building materials with the HO-2 & HO-3 using similar components.
    • Loss Settlement for personal property is on an actual cash value basis. ACV has been previously defined.
    • Exclusions are listed after the Perils Insured Against sections in each policy form. The HO-8 exclusions are on page 8, HO-2 on pages 10-11 and HO-3 on pages 11-12, respectively.
    • Your Duties After Loss are on pages 9-10 for the HO-8, page 11 for the HO-2 and page 13 for the HO-3.
    • Theft losses are limited to $1000 in the HO-8 form on page 7. This exclusion does not apply to the HO-2 or HO-3 forms.
    • Tree removal costs are limited to the amount necessary to remove the tree from the covered structure and then up to $500 per tree ($1000 limit) to remove the debris from the property.

PLEASE NOTE THESE HIGHLIGHTS ARE NOT ALL INCLUSIVE NOR INTENDED TO REPRESENT ALL THE COVERAGES, EXCLUSIONS OR LOSS SETTLEMENT FEATURES OF THE POLICY.

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