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 Posted: Wed Jun 11, 2008 11:29 pm Post subject: dp1 vs dp3 - the difference in a DP1 and a DP3 |
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| I need info on the difference between a DP1 and DP3. I think it is the ACV ve replacement cost of home. Are there any other difference? |
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feefeebaird
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| Posted: Thu Jun 12, 2008 7:57 am Post subject: dp1 vs dp3 |
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Hi,
DP1 doesnot protect you from the losses at a replacement cost. Rather it would cover you from losses at an ACV. ACV would count upon the yearly depreciation. On the other hand RC would make way for a new one.
Thanks, PedroCampo
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PedroCampo
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| Posted: Thu Jun 12, 2008 8:01 am Post subject: dp1 vs dp3 |
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As far as I know..DP1 is more specific at covering perils - it would only cover for Fire, storms, explosives, hooliganism, sprinkler defects, sinkhole fall, volcanic eruptions, smoke.
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Plasmahectic
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| Posted: Thu Jun 12, 2008 8:23 am Post subject: dp1 vs dp3 |
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Hey feefeebaird..
| Quote: | | DP1 doesnot protect you from the losses at a replacement cost. |
True indeed!!
DP3 would be there to back you up for a loss at RC. It is comprehensive need for all & so a bit costlier. capri-oldman
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capri-oldman
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| Posted: Thu Jun 12, 2008 10:18 am Post subject: |
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| Quote: | | I need info on the difference bewteen a DP1 and DP3. |
Well, I would love to explain except I don't even know how to spell P&C.
But I enjoyed this answer:
hooliganism
The above is a failed attempt at Internet humor.
Sorry. 
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GarySpicuzza
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| Posted: Wed Mar 18, 2009 3:22 pm Post subject: dp1 vs dp3 |
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dp 1 covers you for basicially fire, lightening, and internal explosions. most dp1 forms also include coverage for theft and malicious vandalism. dp1 is for actual cash value.
dp3 is a broader form of coverages and may cover you for the replacement cost on the dwelling.
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kelldawg2
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| Posted: Thu Nov 19, 2009 11:49 pm Post subject: DP3 |
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I had a fire in my rental home and I have DP3 insurance. what all does it cover. I think it is a total loss.
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Jeannie
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| Posted: Tue Jan 19, 2010 2:58 pm Post subject: |
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fire is a covered peril under a dp1 and a dp3
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asdfasdfzz
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| Posted: Thu Jan 21, 2010 12:20 am Post subject: DP1 AND DP3 |
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TO UNDERSTAND IT IN LAYMAN LANGUAGE:
DP1: IS IS SPECIFIC PILERS COVERAGE.
DP3: IS OPEN PILERS COVERAGE.
I.E. DP3 COVERS LOSSES OF ALL PILERS OF LOSES. E.G. DP1 WILL NOT COVER YOUR HOME FOR DAMAGES DUE TO WATERPIPE BURST IN THE HOME BUT DP3 WILL CARE. IT CAN BE BASED ON RC (RECONSTRUCTION COST) OR OTHERWISE. IT IS A COMPREHENSIVE INSURANCE COVERAGE FOR ALL PILERS OF LOSS
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KATS INSURANCE GROUP
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| Posted: Thu Jan 21, 2010 6:14 am Post subject: |
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KATS INSURANCE GROUP has it right, except it should be "PERILS" instead of "PILERS" as shown in that post. (A "named-pilers" policy?) 
I would be really careful about using this exact statement:
| Quote: | | .E. DP3 COVERS LOSSES OF ALL PILERS OF LOSES |
I assume you meant to say that DP3 contracts cover all perils and losses, or something like that. I also assume that you understand that there isn't one single insurance policy out the that covers "all perils" and "all losses." That puppy doesn't exist. No policy covers everything that could possibly happen to the life, property or whatever is being insured. By using that statement with your insureds, you're giving them the impression that anything that happens is covered and you know that's not true.
More appropriately: "Open perils coverage with exclusions" or something like that. Your statement is akin to the errors and omissions inviting producer statement of "This is an all-risk policy!" If I had a dollar for every time I've heard a producer use that term when describing an HO3, I'd pay off my kids' college tuition.
Finally, I noticed that you used the term "reconstruction cost" when referring to "RC." I've always used "replacement cost" instead which is a bit more accurate, especially when considering personal property as opposed to the dwelling, etc.
Your comments on the scope of coverage were right on target.
InsTeacher 
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