Get Dp-1 Dp-2 Dp-3 Basic Form Broad Form Special Form

However, our DP3 policies include the Roof Surfacing Payment Schedule endorsement, which covers the roof for its actual cash value only when it's damaged by wind or hail. For all other covered sources of damage, the roof and the rest of the home's structure are insured for their replacement cost.

DP-3 is an open peril policy and covers all losses except those excluded in the policy. It's the most comprehensive and expensive of the three options. DP-1 pays claims on an actual cash value (ACV) basis, while DP-2 and DP-3 pay the replacement cost value (RCV) of a claim.

A DP2 policy insures your property for its replacement cost, which offers the full amount to replace or repair the property with new, similar items. The final form is the DP3 policy, and it's the most robust option because it protects against all sources of loss except those listed as exclusions.

DP1 only protects against nine perils and usually covers the whole house for its actual cash value, meaning all claims payouts deduct depreciation. For comparison, DP3 is an open perils policy, which means the home is covered for all sources of loss except those the policy names as exclusions.

DP3 Policy: Exclusions Although there's an extensive range of perils covered in the event of damage, some perils which can be excluded from policies are: Ordinance or law. Earth movement. Power failure. Water damage.

DP 2 - Broad Form DP-2 covers all of the basic perils (including DP-1 extended coverage, vandalism and malicious mischief). It also covers the following perils: Burglary damage. Collapse.

What Is A DP1 Policy? A DP1 policy, also called Dwelling Fire Form 1, is a type of home insurance policy that protects a house from nine named perils – most notably fire. It's usually used to insure vacant homes but can also be used for rental properties if landlords are on a tight budget.

Each form offers more protection than the last. While the DP1 covers nine perils, the DP2 offers the same protections as DP1 but covers more perils – typically 18. A DP2 policy usually covers the home for damage from: Fire or lightning.

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. If human lives are on the line, DP2 or DP3 is required.