Our most basic policy is a dwelling property 1 (DP-1). … A DP-1 policy is an “actual cash value” policy, which means depreciation will be deducted from any damages you are awarded after a claim. We do offer the option to add on coverage, like personal liability and medical payments, to this very basic policy.

What does DP-1 mean in insurance?

Dwelling (DP-1) Insurance. Page 1. Dwelling (DP-1) Insurance. Provide customers with a flexible solution that offers essential coverage in almost any circumstance. Not every home needs, or is eligible for, the full coverage of a homeowners policy.

What is a DP1 vs DP3?

DP1 vs. DP3 Home Insurance Policies The DP1 and DP3 are two types of dwelling fire policies. The DP1 is used for vacant property insurance and offers the minimum coverage amount while the DP3 is for landlord insurance where the homeowner rents out the property, but does not live there.