What it does
Settles building losses at actual cash value instead of replacement cost under the broad or special form.
Who needs it
Older rental properties or risks not insured to value.
Quoting and selling notes
- Compare with functional replacement cost (DP 05 30).
Editions and availability
Current edition 12 02. 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.
