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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?

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Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”
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