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Often, when shopping for landlord insurance, you’ll come across the term “Dwelling Policy,” which is a policy that covers homes that are not occupied by the owner. Dwelling policies vary by insurance provider; however, you’ll typically have the options of a DP-1 Policy, DP-2 Policy, and DP-3 Policy. DP-1 will be the least expensive, yet also have the least coverage, and the policies increase in price and coverage from there. Although it is the most expensive, Visio Lending always recommends a DP-3 Policy. Here’s an overview of each policy and what they typically have to offer to help you understand why.
In addition to Loss of Rent Coverage and the highest level of peril coverage, DP-3 policies also usually include Liability Coverage. Since your investment properties are investments, protect them with the best and sleep soundly at night, knowing you are covered. Learn more about why DP-3 policies offer the best coverage. For more landlord resources, visit our Resources Page.