What is DP1 Insurance?

Who Needs DP1 Insurance? 

If you own a property and don’t live there, it’s wise to have DP1 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 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.  

• Vacant Home 

If you own a permanently unoccupied residence. Also known as Empty Home,  this type of dwelling has to be temporarily vacant and without personal assets. The reasons? There are plenty. Either because you recently inherited it, or it was under repairs, because you’re waiting to sell it, or maybe it’s between rental agreements and you’re waiting for the right tenant.  

What Does DP1 Insurance Cover?  

DP1 Insurance protects the main dwelling, other structures, and loss of use with the actual cash value method. The following list details the covered perils: 

• 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. 

• Volcanic Eruption: Molten earth and ash descending from the sky. 

You can learn more about covered perils in Landlord Coverage.  

How Much is DP1 Insurance? 

The cost of your DP1 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. In other words, the one that suits your needs. Keep in mind that the more you customize it, the more expensive it can get. Yet, it will also provide comprehensive protection in the event something happens. PSIC offers competitive rates and Landlord Insurance discounts that make protection accessible. 

Where Does PSIC Offer DP1 Insurance? 

We currently offer DP1 Insurance in the state of California. To learn more about how you can customize your policy please select the state. 

We plan to expand our DP1 Insurance coverage nationwide soon, ensuring all owners the benefit of our reliable insurance solutions.