The following topics pertain to the Wisconsin Insurance Plan Dwelling Property Program. This is a property coverage only program. You can scroll down the page to read each one or you can click and go directly to the topic.
Basic Policy Form, Coverages, and Loss Settlement Provision.
On-Premises Personal Property Theft Coverage Endorsement.
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A one to four family residence either owner or non-owner occupied. (Occupied means the residence has people eating and sleeping in at least 50% of the living units daily).
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Vacant or unoccupied residences undergoing active rehabilitation. | ||
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Seasonal dwellings or secondary homes. | ||
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Dwelling Under Construction or Builder's Risk (provide copy of construction contract indicating final cost with application and advise if the completed home will or will not be occupied by the owner/applicant). | ||
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The Dwelling must have a market value of around $200,000 or less (Dwelling only - not including lot or other structures) | ||
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Renter's personal property. | ||
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Condominium unit-owners including personal property. | ||
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Mobile Homes on a permanent foundation. |
Active farms are not eligible for coverage.
A one or two family owner occupied principal residence may be eligible for the Homeowner program.
We do not offer a Replacement Cost coverage policy. We suggest the Dwelling limit requested be the Market Value of the dwelling (not including land) plus an additional sum for Debris Removal / Site Restoration in the event of a total loss. We suggest the limit requested for Personal Property be based on the actual cash value of the property. For properties under rehabilitation, we suggest a limit which includes the cost of the rehab to the property.
Maximum limit on Dwelling: $200,000 (by State of Wisconsin rule).
Maximum limit on Personal Property: $100,000 (by State of Wisconsin rule).
Policy limits (subject to the provisions of the policy):
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10% of the Dwelling limit for Other Structures, not as an additional amount of insurance. Limit may be increased. |
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10% of the Dwelling limit for Fair Rental Value, not as an additional amount of insurance. Limit cannot be increased. |
BASIC POLICY FORM, COVERAGES, AND LOSS SETTLEMENT PROVISION.
The Plan uses the Insurance Services Office Basic Form - DP 00 01 with the Modified Loss Settlement Endorsement - DP 00 08. We may add limiting or exclusionary endorsements to the policy. The producer may request copies of the policy forms and endorsements in use by the Plan. Contact us with any questions.
Policy causes of loss (subject to the provisions of the policy):
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Fire, lightning, and internal explosion, required. |
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Extended coverage perils (wind, hail, explosion, riot, aircraft, vehicles, smoke), if requested. |
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Vandalism or malicious mischief, if requested. |
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On-Premises Personal Property Theft, if requested and by policy endorsement. You must purchase Personal Property coverage at a limit equal to or greater than the limit requested for this endorsement. See below. |
Personal property losses are settled on an actual cash value basis. Partial building losses are settled on the cost of repairs using common construction methods. We do not offer replacement cost settlements for Personal Property or Dwelling coverages.
The statements above provide only a general, brief description of the coverages provided. Please review the policy for exact information on coverage, conditions, exclusions, and other policy provisions.
The policy provides no Personal Liability or Medical Payments to Others coverages. We do not offer these coverages in the Dwelling Property program.
Encourage you customer to read the policy!
A $250 deductible is only available where the Dwelling limit requested is less than $75,000. We require a minimum $500 deductible when the Dwelling limit reaches $75,000 and a $1000 deductible when the Dwelling limit reaches $150,000. We will require a higher deductible if the customer has an active claim history or if there are condition problems with the Dwelling. The producer may wish to suggest a higher deductible to customers as increased deductibles lower premiums.
ON-PREMISES PERSONAL PROPERTY THEFT COVERAGE ENDORSEMENT:
This is an endorsement for Personal Property coverage. Therefore, Personal Property coverage must be purchased to receive this endorsement. You must purchase Personal Property coverage at a limit equal to or greater than the limit requested for this endorsement. We may decline the request for this endorsement if the customer has an active theft loss history.
For an Owner-Occupied Residence, limits of $1000, $2000, $3000, $4000, and $5000 are available.
For a Non-Owner-Occupied Residence, only limits of $3000, $4000, and $5000 are available.
Premiums for these endorsements are found on the Premiums page.
You may provide your customer with a quote for the first year premium. Of course, all quotes are subject to the submission being eligible or acceptable for coverage. Renewal premiums are subject to condition charges.
Go to Premiums.
With our new rating program, you may provide a quote for owner occupied dwellings, non-owner occupied (tenant occupied or rehab properties) dwellings or seasonal dwellings.
You may complete or print Dwelling Property Program applications from our web site. Go to Applications.
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Most recent update: 8/25/2011
For more information, contact thewip@execpc.com
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