Insurance Policy Types
Learn about DP1 and DP3 insurance policies and the benefits you can offer rental property owners with Steadily
Dwelling Fire Form 1 (DP1)
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.
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Dwelling Fire Form 3 (DP3)
One of the significant differences between a DP1 and DP3 policy is that typically a DP1 policy protects against only nine perils and operates using an actual cash value system.
However, a DP3 policy is an open perils policy and provides cover for all perils apart from those listed as exclusions within the agreement form and uses the replacement cost methods.
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