Insurance policy types

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.