I have recently had the question come to me:
What is teh difference between a DP# and a H03 policy?
The Ole DP3 vs H03 debate:
Below is some info to help navigate these waters.
Homeowners vs. Dwelling Policy Comparison Chart
Homeowners Policy (HO-3)
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Dwelling & Fire Policy (DP-3)
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The HO-3 has been the most common homeowner’s policy for 60 years and is adequate for the majority of homeowners and their insurance needs. For owners who live there.
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The DP-3 is for rental properties that the owner does not occupy. It covers the basics of the house (dwelling) other coverages are not automatic: speak to us about customizing protection to your needs.
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Coverage A | |
Dwelling. The amount of money your policy will pay to rebuild your home if it is destroyed.
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Dwelling. The amount of money your policy will pay to rebuild your home if it is destroyed.
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Coverage B | |
Other Structures. 10% of coverage A is automatically included. The amount your policy will pay to rebuild structures such as sheds & garages.
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Other Structures. Not automatic. Have a garage? Other outbuilding? Add optionally.
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Coverage C | |
Personal Property. The amount you have to replace all of your “stuff” in the event of a loss.
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Personal Property Generally not included. Tenants should have their own insurance. Landlords can optionally include personal property for appliances if furnished.
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Coverage D | |
Loss of Use. The funds you will have to rent another place while your damaged home is fixed or rebuilt.
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Loss of Use or Fair Rental Value. The funds you will have for the tenants to rent another place or stay at a hotel while your damaged house is fixed or rebuilt.
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Replacement Cost. Ensures you get the full price to fix or replace any lost personal items in a total loss.
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Replacement Cost. On personal property, generally not included.
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Coverage E | |
Personal Liability. In the event that you become a defendant in a lawsuit, the insurance company will provide up to $1 million in coverage.
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Personal Liability. In the event that you become a defendant in a lawsuit, this can provide up to $1 million in protection. Always important for rental properties. Not all DP-3 policies offer Personal Liability and we may have to place a separate Liability policy for this protection.
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Medical Payments to Others. If someone falls and is injured on your property, the medical payments will be covered up to this amount.
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NOTE: If you own a primary home and have a homeowner’s policy, you may extend the liability to cover the rental (multi-family) property.
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Optional Coverages and Endorsements | |
There are many additional coverage items you can add to your HO-3 such as sewer backup, personal jewelry, identity fraud coverage, business pursuits, etc.
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Also available to meet your unique needs. Talk to an expert at Gordon to customize protection for your individual needs.
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Respectfully,
Michael Fillers, CPIA, NFIP
Morris Insurance Agency, LLC
Morris Insurance Agency, LLC
3032 Dauphin Square
Connector
Mobile, AL 36607
D.251-473-5119/F.251-473-6301/C.251-753-8011
How I met JESUS in the flesh
and HE saved me:
AUDIO - https://soundcloud.com/michael-fillers/michael-fillers-testimony-hot-dogs-at-the-hank-05-14-2015
Matt 24:46-47-"Blessed is he whom his
master will find at work when he arrives. Truly I tell you, he will put that
one in charge of all his possessions."
sources: http://www.agordon.com/dp3vho3
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