What is the difference between a DP1 and DP3 policy?

What is the difference between a DP1 and DP3 policy?

DP1 only protects against nine perils and usually covers the whole house for its actual cash value, meaning all claims payouts deduct depreciation. For comparison, DP3 is an open perils policy, which means the home is covered for all sources of loss except those the policy names as exclusions.

What are 2 things not covered in homeowners insurance?

Standard homeowners insurance policies typically do not include coverage for valuable jewelry, artwork, other collectibles, identity theft protection, or damage caused by an earthquake or a flood. Jul 12, 2021

Does my homeowners insurance cover damage to neighbor’s property?

But although a policy protects your home—the actual structure and your personal belongings—home insurance also covers your neighbor’s property under certain circumstances. If you’re liable for damages, the personal liability component of your policy pays the other party. Dec 27, 2021