1. Property insurance policy that insures the dwelling at actual cash value, other structures, personal property, fair rental value, and certain other coverage’s. Covers a limited number of perils. 2: Property insurance policy that insures the dwelling and other structures at replacement cost. It adds additional coverage’s and has a greater list of covered perils than the Dwelling Property 1 policy. 3: Property insurance policy that covers the dwelling and other structures against direct physical loss from any peril except for those perils otherwise excluded. However, personal property is covered on a named-perils basis.