Dwelling Basic – New Product Comparison

Leverage this flexible program to cover nearly any property a customer needs to protect.

Some customers look to you to provide a balance between price and protection. The Dwelling Basic product is very similar to the flexible DP-1 product you’ve been writing for years. But we’ve added new discounts and some new coverage options. Now you can offer more for a fair price. Write coverage for a full-time home, rental property, seasonal home, vacant property, and even non-residential structures.

Streamlined process gets your quote done fast
  • Quotes import data already in the system, eliminating duplicate work, and also pull from C.L.U.E. reports, improving accuracy
  • There are fewer underwriting questions. You will see only questions relevant to the risk you are looking to cover.
  • You can process policy changes (endorsements) on your own without underwriting intervention.
  • Occupancy type is easily changed mid-term.

• New Item

Current DP-1 ProductNew Dwelling Basic Product
 Occupancy
types
• Seasonal
• Seasonal
• Rental
• Vacant
• Standalone structures part of seasonal program
• Owner – O
• Seasonal – S
• Rental – R
• Vacant –V
• Standalone, non-residential structures – N
 Property
description
• Up to four-family
• Up to three-stories
• No age restriction
• Fair condition and better
• Up to four-family
• Up to three-stories
• No age restriction
• Fair condition and better
• Row or town homes
• Schedule up to 10 homes on one policy
 Value range• Varies significantly by state• $20,000 min. – O R
• $5,000 min. – S V N
• $300,000 max. – O R S N
• $1M max. – V
There will be some state variation but this is the standard
 Insured for• Market value• Market value
 Protection
classes
• 1 to 10• 1 to 10
 Coverage• Named peril for dwelling, other structures and
personal property
• Named peril for dwelling, other structures
and personal property (Named perils same
as those on 2014 ISO DP-1 form)
 Deductible• $500 default
• Optional $1,000, $2,500, $5,000
• $500 default
• Optional $1,000, $2,500, $5,000
Separate deductibles may apply in some states for
coverage such as wind/hail.
 Loss
settlement
• Actual cash value for dwelling and other
structures / full repair cost is an upgrade
• Actual cash value for personal property
• Actual cash value for dwelling and other
structures / full repair cost is an upgrade
• Actual cash value for personal property
 Included
coverage
• Other structures – 10% Coverage A
(reduces Coverage A)
• Reasonable repairs
• Debris removal
• Additional living expenses / Fair rental value –
10% Coverage A
• Fire department surcharge – $500
• Other structures – 10% Coverage A
(does not reduce Coverage A)
• Reasonable repairs
• Debris removal
• Additional living expenses / Fair rental value – 10%
Coverage A (a combined coverage)
• Fire department surcharge – $500
 Optional
coverage
• Liability, personal or premises
• Personal property
• Vandalism
• Burglary
• Vacancy permission
• Short term rental
• Occasional rental
• Identity recovery
• Builder’s risk
• Equipment breakdown protection
• Personal liability – O – $25,000 to $500,000
• Premises liability – R S V – $25,000 to $500,000
(covers a property manager / can add landlord
personal injury if a rental)
• Personal property – O R S V
• Vandalism
• Burglary
• Theft with resulting vandalism – O – $10,000 limit
• Water damage – O R S – $10,000 limit,
$5,000 sublimit for mold and remediation
• Short term rental – R
• Occasional rental – O S
• Identity recovery – O S
• Builder’s risk – V
• Home equipment breakdown protection
• Service line – $10,000 limit ($500 deductible)
 Discounts• Some states have discounts for alarms  For O R S:
• Central station fire / smoke alarm – 5%*
• Central station burglar alarm – 5%*
• Local smoke and / or burglar alarm – 2%*
• Deadbolt, smoke alarm, fire extinguisher – 2%*
* up to 10% total
For O R S V N:
• Approved association membership – 5%
• Auto policy with agent – 5%
• Multiple policies with American Modern – 5%
• No claim in past 3 years – varies
• Paperless documents – 1%
• Paying in full – 5%
 Payment
options
• Full pay
• Monthly, EFT only
• 4-Pay, billed
• Full pay
• Monthly, EFT only
• 2-Pay, billed or EFT
• 4-Pay, billed or EFT
• 6-Pay, billed or EFT

Capital letters following a coverage or description show any restriction on eligible occupancy types. The new Dwelling Basic product is offered just through American Modern Property and Casualty Insurance Company, and will begin rolling out in 2016.