Can DP1 policy be for a homeowner that lives in the house?
by Guest » Tue May 25, 2010 10:05 pm
I know someone that has a DP1 policy but they live in the home. Is this the right coverage.
Total Comments: 1
Posted: Sun May 30, 2010 01:17 pm Post Subject: Dwelling Policy
Dwelling policies are for rental, seasonal and some high risk properties not used for commercial, manufacturing or farming. DP1 is the basic form covering only fire, lightning, removal of debris and internal explosions with additional coverages optional. It offers coverage for dwelling, appurtenant structures, some personal property, and rental loss- It is also a named peril policy which means only those perils named are covered. There are also DP2 broad form with additional coverages including: vandalism, burglary damage, weight of ice & snow, freezing of plumbing and heating and a,c & sprinkler systems, falling objects, electrical current and collapse or tearing apart- you also have optional coverages including: trees, shrubs, plants, glass, ordinance of law which cost you out of pocket expenses- still a named peril policy and a DP3 with higher levels of coverage that has open perils coverage meaning any peril not excluded on the policy.DP1 uses ACV or actual cash value which means cost-depreciation, while the others use Replacement Cost on dwelling and structures. Homeowner's policies are for your primary residence- HO3 being the most common for one to four family dwellings. This is an open perils policy. Ho4 and HO6 are renters and condo unit owners.
Posted: Sun May 30, 2010 01:17 pm Post Subject: Dwelling Policy
Dwelling policies are for rental, seasonal and some high risk properties not used for commercial, manufacturing or farming. DP1 is the basic form covering only fire, lightning, removal of debris and internal explosions with additional coverages optional. It offers coverage for dwelling, appurtenant structures, some personal property, and rental loss- It is also a named peril policy which means only those perils named are covered. There are also DP2 broad form with additional coverages including: vandalism, burglary damage, weight of ice & snow, freezing of plumbing and heating and a,c & sprinkler systems, falling objects, electrical current and collapse or tearing apart- you also have optional coverages including: trees, shrubs, plants, glass, ordinance of law which cost you out of pocket expenses- still a named peril policy and a DP3 with higher levels of coverage that has open perils coverage meaning any peril not excluded on the policy.DP1 uses ACV or actual cash value which means cost-depreciation, while the others use Replacement Cost on dwelling and structures. Homeowner's policies are for your primary residence- HO3 being the most common for one to four family dwellings. This is an open perils policy. Ho4 and HO6 are renters and condo unit owners.
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