Which statement is NOT true regarding a broad coverage form?

The statement that no minimum amount of insurance is required for the basic form is not true, making it the correct answer to the question. For a basic coverage form, insurance policies typically emphasize a minimum coverage amount to ensure that policyholders have adequate protection for their dwelling. This minimum often relates to a percentage of the replacement cost of the property.

In contrast, the other statements accurately describe the features of broad coverage forms. The requirement for coverage to equal at least 80% of the dwelling replacement cost is fundamental for ensuring that a dwelling is adequately insured, which helps prevent underinsurance. The broad coverage form does indeed cover more perils than basic forms, which typically include only a limited number of risks. Moreover, broad forms are designed to include additional coverage provisions, insuring up to seven extra perils compared to the basic form. Thus, all of these attributes reinforce the understanding of how broad coverage differs from basic coverage, highlighting the importance of minimum coverage amounts in risk management strategies.