3 Types of Landlord Protection Insurance to Consider Before You Rent Out a Home

Mar 21, 2018 (0) comment

Being a landlord comes with its own set of responsibilities. As a tenant, you must worry about renter’s insurance, and most other tasks fall to the landlord. If you intend to rent out a home, you positively want insurance coverage in place. However, like every other type of insurance under the sun, you have options to consider. How do you know which type of landlord insurance is right for you? Well, let’s break down the three primary types now. They’re known as dwelling policies.


A DP-1 policy is rather basic. Having this type of insurance covers the simple things when renting out property. For example, fire and vandalism are covered. Severe damage caused by weather, however, is not covered under the policy. For that, you’ll want to consider DP-2.


DP-2 provides a little more coverage for a landlord. You’ll be covered in the event of damage due to windstorms, hail, fire, or vandalism. Most second-type dwelling policies also have collision coverage in the event of a vehicle ramming the house.


Lastly, we have DP-3. DP-3 is considered a “special form” or “open peril” policy. Unless an event is specifically excluded from the policy, everything is covered.

Furthermore, unlike DP-1, which provides actual cash value for the damaged property, DP-3 only offers the replacement cost. With cash value, a roof that is over 10 years old will be written down due to its age. With replacement value, you’ll receive the cost of a new roof.

Landlords typically opt for DP-3 coverage, as it is all encompassing.

Protective Policies

Some insurance agencies offer what is known as a landlord protective policy. Such policies coverage equipment breakdowns, including boilers or furnaces in the dwelling.

Contact Us

To discuss landlord protection insurance and receive a free insurance quote, contact Mauceri Bynum Insurance by calling 214-733-8400. We’ll help match you with the right policy today!

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