This policy is often referred to as the Dwelling Fire Form 2 or DP-2 insurance. The three most common rental insurance policies are the DP1, DP2, and DP3. The DP1 is the most basic landlord insurance policy, providing very bare bones coverage. Rental Dwelling Policies – DP1, DP2, DP3. DP1 Landlord Insurance Policy. The DP1 insurance policy is the most basic insurance policy available for rental. A Dwelling Fire Form 2 (DP-2) is the next step up from the basic DP It is a much broader and better policy in terms of coverage (still no coverage against theft).
“our” refer to the Company providing this insurance. In this policy, including the reference found in Form. SFP-1, “Actual Cash Value” means the cost to repair. The HO3 is a special form policy while the DP2 is a named peril policy. Thus, the DP2 only provides coverage for the “perils” specifically named. Loss Settlement- ACV. If other insurance exists, policy pays pr rata based on total amount of Fire insurance. DP2 – Broad Form. Perils Covered.
Coverages for which a Limit of Liability is shown and. Perils Insured Against for which a Premium is stated. COVERAGE A – Dwelling. We cover: 1. the dwelling. The different forms are DP1, DP2, and DP3, each 'type' or 'form' offering more coverage as the form number increases. Make sure you know. Under coverage A- Dwelling, how are loss payments calculated for DP1? DP2? DP3? DP1 uses ACV and DP2/DP3 use replacement value (determined by ins.