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Unlike a homeowners policy, standard dwelling policies provide only property coverage—for dwellings, other structures, personal property, fair rental value, and additional living expenses. Theft and liability coverage is not included but is often available as an optional supplement.
Dwelling Property 1 (DP 1)
Basic Form (DP 00 01) or DP 1 for short. Fire, lightning, and internal explosion are the only standard perils under this form, with optional extended coverage perils (windstorm or hail, explosion, riot or civil commotion, aircraft, vehicles, smoke, and volcanic eruption) and vandalism and malicious mischief coverage also available. (actual cash value basis)
Dwelling Property 2 (DP 2)
Broad Form (DP 00 02) or DP 2. This named perils form includes the DP 1 perils, plus seven additional perils, such as falling objects and the weight of ice, snow, or sleet. (replacement cost basis for dwellings and other structures and actual cash value basis for personal property)
Dwelling Property 3 (DP 3)
Most popular plan. Open perils building coverage, DP 2 personal property coverage. (replacement cost basis for dwellings and other structures and actual cash value basis for personal property)
Dwelling Property Coverages
- Dwelling policies may include the following coverages:
- Coverage A—Dwelling
- Coverage B—Other Structures
- Coverage C—Personal Property
- Coverage D—Fair Rental Value
- Coverage E—Additional Living ExpenseOnly
- Coverages A, B, C, and D are printed in the DP 1 form; however, Coverage E can be added by endorsement. The DP 2 and DP 3 forms include all five of these coverages.
Selected Endorsements for Dwelling Policies
- Personal Liability Supplement (DL 24 01)
- Broad Theft Coverage (DP 04 72)
- Automatic Increase in Insurance (DP 04 11)
- Dwelling Under Construction (DP 11 43)