What is a Dp-1 home insurance policy?

A DP-1 policy, also known as a Dwelling Fire Form 1, is a type of home insurance policy that covers a dwelling against nine listed perils, the most serious being fire. Because a DP-1 policy offers fairly basic coverage, it’s most often used to cover empty houses; however, you can also use it to insure your rental properties.

What is the difference between DP1 and DP3 insurance?

DP1 policies and DP3 policies are both dwelling fire policies, but there are a few notable differences between DP3 and DP1 coverage. Named peril policy: The most prominent difference between a DP1 and a DP3 policy is that a DP1 is a named peril policy, whereas a DP3 is an open peril policy.

Does a vacant property need Dp-1 insurance?

Though having DP-1 insurance isn’t a legal requirement, it’s a good idea to have it for a vacant property. DP-1 insurance is a named perils insurance policy, which means it only covers the perils covered in the insurance contract. A standard DP-1 policy covers the following nine common perils: