What are the three main forms of the Dwelling Policy?

The three main forms of the Dwelling Policy are indeed DP-1, DP-2, and DP-3. Each of these forms provides varying levels of coverage for property, allowing policyholders to select the appropriate level of protection based on their needs.

DP-1 is known as the Basic Form, which provides coverage for specific perils on a named-peril basis. This means that only the risks listed in the policy are covered. It typically includes essential risks such as fire, lightning, and internal explosion.

DP-2 is referred to as the Broad Form, which offers broader coverage than DP-1. It includes all the named perils found in DP-1, along with additional risks like theft and vandalism. This form provides more extensive protection suitable for property that might face a wider range of hazards.

DP-3, known as the Special Form, provides the most comprehensive coverage of the three. It offers coverage on an open-perils basis, which means all risks are covered except for those specifically excluded in the policy. This form is ideal for property owners who want extensive protection against a variety of potential damages.

Understanding the distinctions among these forms is crucial for making informed decisions about insurance coverage for dwelling properties.