Iron City Insurance Logo
SIAA
Get a Quote
Phone: 941-256-3900
Auto Insurance
Home Insurance
Business Insurance
Life and Health Insurance

Quote Center

First Name Last Name
Email:
Phone:
Zip:
Interest:


Google Places Blog RSS Feed
Iron City Insurance
5104 N. Lockwood Ridge Rd #303-B
Sarasota, FL 34234
Get Map
Phone: 941-256-3900
Fax: 941-444-2564
Email Us

What is the difference in a DP1 and a DP3?

Jul 31, 2013

Homeowners DP1 & DP3 Insurance Policies

DP1 and DP3, are the two types of basic policy on file with the State of Florida Insurance Department and available to short-term-rental homeowners. The selection of cover then determines the policy issued and to some degree the insurer.

DP1: covers losses at Actual Cash Value (ACV) rather than the more favorable Replacement Cost (RC). The basic difference is depreciation. ACV takes into account the annual depreciation; RC replaces the item with new. The DP1 covers the following specific perils: Fire, lightning, explosion, wind & hail, smoke, aircraft, riot & looting, vandalism, sprinkler leakage, sinkhole collapse, volcano/lava.

DP3: adds everything else to the perils covered in a DP1 unless it is specifically excluded: like earthquake and flood, in Florida. A DP3 covers a loss at RC, as opposed to ACV. In brief, the DP3 is?the far more comprehensive policy, and therefore? more desirable, but?obviously more expensive!

Email Subscription
RSS Feed
Located in Sarasota, FL . We also serve Bradenton, Lakewood Ranch, Longboat Key, Manatee and Siesta Key - Licensed in Florida