What's the difference between DP3 and HO3 home insurance?

I want to get the right home insurance for my townhouse. Can you tell me what DP3 and HO3 insurance are?

Answer
“The key difference between DP3 and HO3 home insurance is where the owner of the property lives. If you live in a home that you own, the standard HO3 policy is right for you. It will cover your structures, personal property, and liability.
If you own a home and rent it out, you will want to purchase a DP3 dwelling fire policy. DP3 is also known as a landlord policy. This form of insurance covers the structure and loss of rental income, and it also provides a limited amount of coverage for landlord furnishings such as stoves, refrigerators, etc. Sometimes liability coverage is an option. In this situation, you will want to make sure that your tenant purchases their own renters policy, an HO4, to obtain coverage for their personal property and liability.”
avatar
Shannon Martin
Answered on Mar 12, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.

Read advice from car experts at Jerry

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies
Find insurance savings — it's 100% free