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Basic Form Fewer perils Broad Form Special Form All perils Covered Perils DP-1 Fire Lightning SHAVER W C S H A V Windstorm Civil Commotion Smoke, Sinkhole Hail Aircraft, spacecraft, missiles Vehicles.

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The DP-3 form is the most comprehensive dwelling fire coverage available. It is an “open perils” or “all risk” policy, which means real property (dwelling and other structures) will be covered for all types of damage, except those exclusions named in the policy.

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.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232