This article applies to policies of property insurance, other than policies of inland marine insurance and policies of property insurance issued through a residual market mechanism, covering risks to property located in this state which take effect or are renewed after the effective date of this article and which insure any of the following contingencies:
(a) Loss of or damage to real property which is used predominantly for the residential purposes of the named insured and which consists of not more than four dwelling units; or
(b) Loss of or damage to personal property in which the named insured has an insurable interest where:
(1) The personal property is used for personal, family or household purposes; and
(2) The personal property is within a residential dwelling.