Which of the following is NOT a characteristic of the dwelling policy?

The choice indicating that the policy must cover personal property is not a characteristic of the dwelling policy. In fact, dwelling policies can be structured to provide various levels of coverage, including options that focus solely on the structure itself without the necessity of including coverage for personal property. This differentiates dwelling policies from homeowners policies, which typically bundle dwelling coverage with personal property and liability coverage.

Furthermore, the dwelling policy can be tailored to the needs of the insured. For example, someone may choose a policy structure that covers only the physical structure of a dwelling, such as in a situation where the property owner does not wish to insure personal belongings or when those belongings are insured under a separate policy. Hence, it is not mandatory for a dwelling policy to include personal property coverage, which makes this characteristic the correct choice for the question asked.