What it does
DP 1 insures the dwelling, other structures, personal property and fair rental value against fire or lightning and internal explosion. Extended coverage perils (such as windstorm or hail) apply only when a premium for extended coverage is shown, and vandalism or malicious mischief only when its premium is shown. Vandalism or malicious mischief is not covered if the dwelling has been vacant for more than 60 consecutive days; a dwelling under construction is not considered vacant.
The 07 14 editions came from ISO's 2014 Dwelling Property multistate revision, which superseded the 12 02 editions; Washington has its own 07 25 state versions of the three policy forms.
Who needs it
Landlords, owners of vacant or seasonal dwellings, and owners whose dwelling does not qualify for a homeowners policy. It is the most limited (and least expensive) ISO dwelling form.
Key provisions and limits
- The 2014 revision moved the fair rental value monthly limit into Coverage D as a proportionate share based on the months the property is rented, a broadening for seasonal rentals.
- Additional living expense is not part of DP 1; add it with DP 04 14.
- DP 00 08 (Modified Loss Settlement) is subtitled for use with Form DP 00 01 only.
Quoting and selling notes
- The dwelling forms contain no liability coverage. Landlords need premises liability from DL 24 01 (personal liability supplement), HO 24 70 on their homeowners policy, or a lessor's risk only commercial general liability policy.
- Ask whether the dwelling is vacant, under renovation or rented; each changes eligibility and coverage.
Editions and availability
Current edition 07 14, replacing 12 02, 07 88. Carriers adopt ISO editions state by state, so the edition on a given policy can lag the newest one.
Program notes
Dwelling policies are written for the property owner, not the occupant, and are the usual vehicle for landlords of one- to four-family dwellings. Because the forms carry no liability coverage, review every dwelling file together with DL 24 01 (or the homeowners or commercial policy that provides premises liability), and with any personal umbrella the client carries.
