What is a dp1 insurance policy?

A DP1 policy, often referred to as Dwelling Fire Form 1, is a straightforward form of insurance under the home insurance policy umbrella. This type of policy is used to ensure both vacant homes and rental properties from nine named perils.

What does DP 1 mean?

A DP-1 policy is an “actual cash value” policy, which means depreciation will be deducted from any damages you are awarded after a claim. We do offer the option to add on coverage, like personal liability and medical payments, to this very basic policy.

Which is better DP1 or DP2?

DP2 Policy is Average Protection

The DP1 is the most basic landlord insurance policy, providing very bare bones coverage. The DP3 is the most extensive landlord insurance policy, providing the broadest and deepest coverage.

What is covered by DP2 and DP3 but not DP1?

DP2 Fair Rental Value Coverage

Unlike DP1, a DP2 policy usually includes coverage for loss of rents. This means your insurer pays your rental income if a covered peril makes your property uninhabitable. DP3 often has loss of rent coverage, too.

What is the difference between DP1 DP2 and DP3?

DP1 is the most basic standard, with the ability for a ship to automatically hold station. DP2 has redundancy, but DP3 has segregated redundancy that would allow for a more serious failure.

Does DP1 cover collapse?

The DP1 covers the following specific perils: Fire, lightning, explosion, wind & hail, smoke, aircraft, riot & looting, vandalism, sprinkler leakage, sinkhole collapse, volcano/lava.

What is the difference between a DP1 and DP3 policy?

The DP1 and DP3 are two types of dwelling fire policies. The DP1 is used for vacant property insurance and offers the minimum coverage amount while the DP3 is for landlord insurance where the homeowner rents out the property, but does not live there.