DP-3 – Dwelling Fire Special Form
Definition:
The most comprehensive dwelling fire form, offering open-perils coverage for rental or non-owner-occupied homes.
Explanation:
DP-3 policies cover all risks except those specifically excluded. This makes them the preferred choice for landlords seeking strong protection.
Example:
If a rental home is damaged by an unknown cause that isn’t excluded, DP-3 coverage will likely apply.
Why it matters:
This term affects how claims are handled and what payout a homeowner may receive.