A DP1 policy, also called Dwelling Fire Form 1, is a type of home insurance policy that protects a house from nine named perils – most notably fire. It’s usually used to insure vacant homes but can also be used for rental properties if landlords are on a tight budget.

What does DP-1 mean?

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 is a DP-2?

The DP2 insurance policy is one of three insurance policies that are most commonly used for rental properties in the United States. This policy is often referred to as the Dwelling Fire Form 2 or DP-2 insurance. It provides adequate coverage for most landlords.