What is a DP1 home insurance policy?

A DP1 policy is a type of home insurance that protects rental or vacant homes from nine named perils, typically for its actual cash value rather than its replacement cost. 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.

What is the difference between DP1 and DP3 insurance?

DP1 policies and DP3 policies are both dwelling fire policies, but there are a few notable differences between DP3 and DP1 coverage. Named peril policy: The most prominent difference between a DP1 and a DP3 policy is that a DP1 is a named peril policy, whereas a DP3 is an open peril policy.

What is a DP1 fire insurance policy?

While there are several different types of dwelling fire policies available to property owners, DP1s are one of the most common and most popular among homeowners who need a basic insurance policy. DP1 policies are named peril policies. A peril policy covers events explicitly named in your policy.