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Does DP1 insurance cover damages?

The insurance will not reimburse you if your house incurs damages from a peril not stated in the DP1 policy. Another aspect that distinguishes the DP1 policy from the others is that it only pays the actual cash value (ACV) during a claim. That means it factors in the property's depreciation.

What is a DP1 insurance policy?

A DP1 policy is a basic dwelling fire policy. It is common among property owners whose rental insurance would otherwise not cover the property in question. This will mostly touch on vacant units or standalone structures, like boat houses.

Should you get a DP1 or DP3 property insurance policy?

Investors who plan on rehabbing a property to flip might also get a DP1 policy. However, if the property owner needs expanded or more customizable coverage, DP3 is usually the better policy.

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