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There isn’t a right or wrong choice of coverage, all it has to do is fit your needs. DP1 Insurance provides basic protection of your property from a detailed list of perils, DP3 Insurance offers a broader scope of coverage, except for a few perils, also mentioned in your policy.
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Both coverages protect your home while you’re renting it or if it’s unoccupied, but only DP1 Insurance keeps it safe when it’s vacant. Keep in mind though, that DP3 Insurance offers a more comprehensive scope, providing a wider safety net for your investment from unexpected circumstances.
DP1 Insurance covers your home’s dwelling, other structures, and personal belongings with the actual cash value method, from nine specific perils. DP3, instead, has open peril protection for the main dwelling and detached structures, with a replacement cost method.
Additionally, DP3 keeps your personal belongings safe from 15 perils with the actual cash value method. These are the differences:
| Covered perils | DP1 | DP3 |
| Fire or lightning | ✅ | ✅ |
| Windstorm or hail | ✅ | ✅ |
| Explosion | ✅ | ✅ |
| Riot or civil commotion | ✅ | ✅ |
| Aircraft | ✅ | ✅ |
| Vehicles | ✅ | ✅ |
| Smoke | ✅ | ✅ |
| Volcanic eruption | ✅ | ✅ |
| Vandalism or malicious mischief | ✅ | ✅ |
| Damage by burglars | ❌ | ✅ |
| Weight of ice, snow or sleet | ❌ | ✅ |
| Accidental discharge or overflow of water or steam | ❌ | ✅ |
| Sudden and Accidental tearing apart, cracking, burning or bulging. | ❌ | ✅ |
| Freezing | ❌ | ✅ |
| Damage from artificially generated electrical current | ❌ | ✅ |
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Copyright © 2023 McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 17486061 The insurance policy, not the contents of this website, forms the contract between the insured and the insurance company. The policy may contain limits, exclusions and limitations that are not detailed on this website. Coverage may differ by state.
