What is dp3 insurance?

There is one main distinction between DP3 and HO3 policies: occupancy. If you own a property but do not reside there, a dwelling fire insurance is the best choice. When renting out rooms or the whole house, this may also apply. Personal responsibility is frequently covered by DP3 insurance, as well as the structure. You should need your renters or tenants to get renter’s insurance (HO4) if you’re renting out your home since a DP3 policy only provides minimal coverage for their personal belongings.
Other buildings, such as a garage or shed, may not be covered by DP3 products. However, Lighthouse DP3 does cover the residence up to your insurance maximum in terms of replacement cost coverage. In addition, rental losses may be compensated in specific instances. Make sure you know what your coverage covers and what it doesn’t. If you have any queries about your coverage, contact your insurance agent or firm.