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4 years ago · by · 1 comment

Fire Insurance Coverage

Dwelling fire policy

Dwelling Fire Insurance Coverage Options in California

Dwelling Fire Coverage Options

If you own rental or investment properties, you need to protect them from a host of potential perils, including fire, lightning, vandalism, and theft. If your primary residence is located on the rental or investment property, a homeowners insurance policy in California would cover you from many of the potential risks. But what if you live somewhere else? A  California dwelling fire policy may be the type of coverage you need to insure your rental or investment property from damages.

Dwelling Fire Policy Basics

Despite the name, a dwelling fire policy in California can protect your properties from much more than just fire damage.

The coverage is very similar to a California homeowners policy, with one significant difference—a dwelling fire policy is created for a landlord that does not make the property his or her primary residence. If you need to insure a rental or investment property but not the personal property inside, a dwelling fire policy is a smart decision.

To be eligible for a dwelling fire policy, the property generally needs to be one of the following:

  • Single family home
  • One- to the four-person family dwelling
  • An older home worth $50,000 or less
  • Vacation, seasonal or second home

Differentiating the Dwelling Policy Types

Just like homeowners policies, there are several different types of dwelling fire coverage. DP-1 is known as the basic form, DP-2 is known as the broad form and DP-3 is known as the special form. Each provides a significantly different level of coverage.

DP-1: Basic Form

The basic form is a “named perils” policy (that is, the policy explicitly names what perils are covered) and covers losses due to:

  • Fire
  • Lightning
  • Internal explosions, such as a stove or water heater

There are two optional endorsements available with DP-1 coverage:

  • Vandalism or malicious mischief (V&MM)
  • Extended coverage, which includes damages due to the following:
    • Hail or windstorms
    • Other explosions
    • Riot/civil commotion
    • Aircraft or vehicles

Dwelling Fire Coverage Option

  • Smoke
  • Volcanic eruptions

Claims under a DP-1 policy are settled on an actual cash value (ACV) basis by default—however, you can sometimes opt for a replacement cost value (RCV) policy for an additional cost.

The DP-1 form is usually the form of choice for vacant homes or properties, and it may be the only option for these dwellings.

DP-2: Broad Form

The broad form is also a named perils policy and covers the same perils as the basic form, with certain additions:

  • Extended coverage and V&MM coverage are automatically included
  • Burglary damage
  • Weight of ice and snow
  • Glass breakage (as long as the building was not vacant for 60 or more days before a loss)
  • Accidental discharge or overflow of water or steam (as long as the building was not vacant for 60 days before a loss)
  • Falling objects (such as trees)
  • Freezing of pipes
  • Electrical damage
  • Collapse (due to decay, vermin or insect damage, or other perils)
  • Tearing apart, cracking, burning, bulging

Unlike the DP-1 form, the DP-2 form settles claims on a RCV basis.

Loss of rent coverage may be included with a DP-2 policy. If tenants are forced to move out while the landlord repairs the dwelling due to damage caused by a named peril, this coverage would reimburse the landlord for rent lost during the process.

DP-3: Special Form

The DP-3 form is the most comprehensive dwelling fire coverage available. It is an “open perils” or “all risk” policy, which means real property (dwelling and other structures) will be covered for all types of damage, except those exclusions named in the policy. However, damaged personal property (all the items inside the dwelling and other structures) is covered on a named perils basis.

DP-3 form exclusions vary, but will typically include some or all of the following:

  • War
  • Water damage
  • Laws and ordinances
  • Neglect
  • Intentional loss
  • Mold, rust, rot and other gradual losses
  • Certain types of water damage
  • Earth movement, such as earthquakes

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4 years ago · by · 3 comments

Fire Safety Tips

Fire Insurance in California

Fire Insurance California and Some Safety Tips

Fire Insurance California believes that prevention is better than cure. We all want to avoid fire and we cannot do it unless we have a proper action plan. Protect yourself and your co-workers safe with these fire safety preparation and prevention.

 

Lower the Risks of Fire

There are some simple things you can do to prevent fires:

  • Always comply with regulations.
  • Obey “No Smoking” signs.
  • Dispose of cigarettes and matches in the proper receptacles after ensuring they are completely extinguished.
  • Watch for frayed electrical cords and overloaded circuits.
  • Dispose of flammable wastes and scraps by placing them in metal containers.

Combustible Storage

Always store combustible materials in a safe area. Fumes can travel a considerable distance and become ignited by a furnace, stove, electrical equipment or even a lit cigarette. If you need to dispose of flammable liquids, do not pour them down the drain. Educate yourself on the proper method of disposal.

If you have to burn wastepaper, make sure it doesn’t contain explosive materials, such as aerosol or paint.

Inspect Equipment Regularly

Proper maintenance procedures are important to fire safety. If you use electrical equipment or tools, inspect them regularly to make sure they are working correctly. Keep mechanical equipment properly lubricated to avoid excessive friction. Keep spark arrestors on exhaust systems.

Preparing for a Fire

  • Become familiar with the location and operation of firefighting equipment.
  • Learn where fire extinguishers are located and what types of fires they are to be used on.
  • Participate in periodic fire drills to practice fire response procedures.
  • Become familiar with the different types of alarms used in your workplace.
  • Establish an employee meeting place.

When a Fire Breaks Out

  • If the fire alarm rings, always treat it as a true emergency unless you are told ahead of time it is a drill. Just because you do not see smoke or flames does not mean a fire is not present.
  • Always use the stairs instead of the elevator.
  • If the room fills with smoke, stay low to the ground and get out as fast—but as safely—as you can.

 

Protect yourself, your business and your property before it’s too late. When you are ready to purchase home fire insurance in California, contact us at (844) 234-5600. Our friendly and knowledgeable staff can provide you multiple home insurance quotes from the best homeowners insurance companies in California.

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