noun
DP-3
In plain English
A landlord policy for rental properties — like an HO-3 but written for non-owner-occupied homes.
Standard for single-family or duplex rentals. Open peril on the dwelling, named peril on personal property the landlord owns at the property (appliances, etc.). Tenant's stuff is not covered — that's their renters policy.
What it covers
Dwelling (A), other structures (B), personal property (C, landlord-owned only), fair rental value (D — the rent you lose during repairs), liability (E), medical payments (F).
What it does not cover
It does NOT cover the tenant's belongings or liability. They need renters. It also doesn't cover the rental income from non-covered events — only from covered property losses.
Where it trips people up
DP-1 (basic form) is still sold and is much narrower — named-peril, often missing theft and vandalism coverage. Always specify DP-3 (special form) on rental properties.
The technical version
An ISO dwelling fire form (DP 00 03) providing open-peril coverage on the dwelling and named-peril coverage on personal property, for non-owner-occupied 1-4 family dwellings.