What is DP3 Insurance?

Who Needs DP3 Insurance?

If you own a property, and you don’t live there, it’s wise to have DP3 Insurance—it’s that simple. There are different situations included in this coverage, here are a few clarifications:

• Landlord

If you own a property and rent it out. You can have a lease with your tenant, ensuring regular payments (rent) and other agreements related on how both are responsible for maintaining the investment property, meeting certain legal standards, and addressing any issues that may arise during the tenancy.

• Second Home

If you own another home, besides your main residence, that you generally use for holidays, weekend getaways, or as a seasonal residence. This type of dwelling, also known as Vacation Home or Seasonal Home, can remain unoccupied but with your personal belongings in it.

What Does DP3 Insurance Cover?

DP3 Insurance protects the main dwelling, other structures, and rental value with a replacement cost method. It also keeps your personal belongings safe with the actual cash value method. The following list details the DP3 Insurance covered perils for personal property:

• Fire or Lightning: Flames can leave trails of destruction.
• Windstorm or hail: Harsh winds and ice balls batter and bruise structures.
• Explosion: Sudden blasts demolish with devastating force.
• Riot or civil commotion: Chaotic turmoil can lead to property damage.
• Aircraft: Objects in the sky that fall can cause significant damage.
• Vehicles: Cars gone rogue can crash into and harm property.
• Smoke: Dark plumes from fires can silently spoil and erode interiors.
• Vandalism or malicious mischief: Deliberate damage strikes at your peace of mind.
• Falling objects: Gravity’s missiles causing unexpected harm.
• Weight of ice, snow, or sleet: Heavy cold blankets that exert destructive pressure.
• Accidental discharge of water or steam: Wild waters and vapors wreak havoc indoors.
• Damage by burglars: Losses or damages to the insured property caused by thieves who break into the premises illegally.
• Heating System: Sudden and accidental tearing apart, cracking, burning or steam, hot water, or heating system.
• Freezing: Icy temperatures clasp pipes in a frigid grip.
• Electrical system: Sudden and accidental damage from the artificially generated electrical current system.
• Volcanic Eruption: Molten earth and ash descending from the sky.

DP3 Insurance is an open peril policy that covers almost all risks a property owner may experience with a few specific exceptions in your dwelling and other structures’ standard coverage, detailed in your policy.

How Much is DP3 Insurance?

The cost of your DP3 Insurance depends on multiple factors such as where your home is located, its age and condition, your claims history, deductibles, and your property’s construction type, among others.

At PSIC we want to provide the right coverage for you and also keep your investment safe. We know that the more you customize your policy, the more expensive it can get, but it will also provide more protection in the event something happens. Moreover, you’ll be able to access special Landlord discounts.