What is the DP-3 policy commonly referred to as?

The DP-3 policy is commonly referred to as the Special Form. This designation stems from the coverage it provides within the dwelling property insurance policies. Unlike other forms that have a more limited scope, the Special Form offers coverage for a wide range of risks with a few specified exclusions, making it more comprehensive.

In contrast, the Basic Form is more limited, typically providing actual cash value coverage for specifically listed perils, and the Broad Form offers coverage for more perils than the Basic Form but a narrower scope than the Special Form. The Comprehensive Form is not a standard term within dwelling property insurance policies in this context, as it suggests an all-encompassing level of coverage that is not how the forms are categorized by the insurance industry. Understanding these distinctions is essential for adjusters and policyholders when determining the appropriate coverage for residential properties.