DP3 vs HO3 Homeowners Insurance: What's the Difference?

When it comes to homeowners insurance, there are a number of different policies to choose from. Two of the most popular options are DP3 and HO3 policies. But what's the difference between the two?

DP3 Policies

DP3 policies, also known as dwelling fire policies, are designed for homeowners who do not live in their home. This could be because they are renting it out, or because they are using it as a vacation home. DP3 policies typically cover the structure of the home, as well as any personal property that is inside. However, they do not include liability coverage.

HO3 Policies

HO3 policies are more comprehensive than DP3 policies. They cover the structure of the home, as well as any personal property that is inside. HO3 policies also include liability coverage, which protects you from lawsuits if someone is injured on your property.

So, which policy is right for you?

If you live in your home and you want the most comprehensive coverage possible, then an HO3 policy is the best option for you. However, if you do not live in your home, or if you only need basic coverage, then a DP3 policy may be a better fit.

Here is a table that summarizes the key differences between DP3 and HO3 policies:

It is important to note that these are just general guidelines. The specific coverages and costs of each policy will vary depending on the insurance company and the specific details of your situation.

If you are not sure which policy is right for you, be sure to speak with an insurance agent. They can help you compare different policies and choose the one that best meets your needs.