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.

Legal liabilities
Fire and water damage
Financial protection against natural disasters
Protection for your furnishings

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.

Open perils policy
Replacement cost method
More comprehensive protection
Best coverage for rental properties

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