What are the three forms of dwelling policies?

The three forms of dwelling policies are indeed DP-1, DP-2, and DP-3. These forms correspond to different levels of coverage for property owners and are essential for understanding how to protect residential properties.

DP-1 is known as the Basic Form and provides limited coverage, primarily for specific named perils. It covers losses from certain disasters like fire, lightning, and internal explosion, making it suitable for properties where risks are lower or for owners who want to keep insurance costs minimal.

DP-2 is known as the Broad Form and offers a wider range of coverage than DP-1. In addition to the perils included in the Basic Form, it covers additional threats such as broken pipes and falling objects. It is a suitable option for property owners wanting more comprehensive protection.

DP-3 is known as the Special Form and provides the most extensive coverage of the three forms. It covers all perils unless they are explicitly excluded in the policy, giving policyholders peace of mind when it comes to a broader range of potential damages. This makes DP-3 particularly attractive for owners with higher-value properties or those in riskier locations.

The inclusion of DP-4 and DP-5 in the other choices can be misleading, as these forms do