If three volcanic eruptions occur within 48 hours causing property damage, how many deductibles will apply under a dwelling policy?

In the situation outlined, where three volcanic eruptions occur within 48 hours and result in property damage, only one deductible will apply under a dwelling policy. This is because most dwelling policies contain a provision that allows for a single deductible to be charged for all losses that occur as a result of a single event or series of related events within a specified time frame, typically 48 hours.

Since the volcanic eruptions are considered related events occurring within that timeframe, the insurer only applies one deductible to the total damage. This approach helps to simplify claims processing and ensures that policyholders are not faced with multiple deductibles for losses that are clearly connected. Therefore, the correct answer reflects the intent behind insurance coverage to provide relief to the insured in the event of closely-timed catastrophic events.