What it does
Adds loss assessment property coverage to a dwelling policy. The 2014 revision removed the former $1,000 special limit on assessments resulting from the association's deductible and raised the minimum deductible from $250 to $500.
Who needs it
Owners of condominium units, townhomes or homes in associations who insure on the dwelling program, including investor-owned rental units.
Quoting and selling notes
- Compare the association's master policy deductible with the limit; with the $1,000 sublimit removed, the endorsement limit is the main constraint.
- For earthquake assessments use DP 04 68.
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.
