Dwelling and Homeowners Policies
The dwelling program
DP-1 (basic, named perils), DP-2 (broad, named perils), and DP-3 (open perils on the dwelling, broad on contents). Dwelling forms insure owner-occupied or rented residences of up to four families and can be written for tenants. Coverages are A dwelling, B other structures, C personal property, D fair rental value, and E liability on the broader forms.
The homeowners program
HO-2 broad form; HO-3 special form (open perils on the dwelling, named perils on personal property); HO-5 comprehensive (open perils on both); HO-4 tenants (contents, loss of use, liability, no building); HO-6 condominium unit owners (building items and betterments); HO-8 modified form for older homes using repair or functional replacement cost. Structure: A dwelling, B other structures, C personal property, D loss of use, E personal liability, F medical payments to others.
Limits and hidden caps
Coverage C carries special sub-limits: money, securities, theft of jewelry and watches (commonly $1,500), theft of firearms, theft of silverware, business property on premises, and property of others. Personal property away from the residence is generally limited to 10% of Coverage C. Loss of use pays additional living expense and fair rental value, with a separate cap for civil-authority action. Dwelling settlement is replacement cost only if insured to at least 80% of replacement cost; personal property is often ACV unless endorsed.
Liability side and traps
Section II excludes business pursuits, intentional acts, aircraft, and motor vehicles (with narrow exceptions). Medical payments to others are no-fault and small. Typical traps: whether a tenants policy covers the building (it does not), how scheduling jewelry removes the theft sub-limit, and the vacancy exclusion.
Rule of thumb
When a loss exceeds a Coverage C sub-limit, unscheduled property pays only up to that sub-limit; a scheduled floater adds broader perils and often no deductible.