 HO3 vs DP3 Insurance (by Nancy [FL]) Mar 29, 2011 3:58 PM
 HO3 vs DP3 Insurance (by Colin [CO]) Mar 29, 2011 4:43 PM
HO3 vs DP3 Insurance (by Reid [KS]) Mar 30, 2011 3:14 AM
HO3 vs DP3 Insurance (by Lisbet [IA]) Mar 30, 2011 9:43 AM
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HO3 vs DP3 Insurance (by Nancy [FL]) Posted on: Mar 29, 2011 3:58 PM
Message:
Shopping for new homeowners insurance on my primary. Can someone please tell me the difference between HO3 and DP3 insurance? Statefarm is dropping my policy but trying to get me to let them rewrite me with Citizans and offered me a DP3 policy. I have better quotes, and plan to move all my insurance, but just wondering what DP3 is.
They also told me that because of my animals, Citizans would only write with "Zero" libability on the property. While all the other quotes I am getting is at 300K libability with zero for the animals. I am o.k. with the zero for the animals, but not zero period. I even used the analogy, if someone walks on my property, trips on their shoelace, I have zero protection? Yes, you have zero protection! Not happening... But, I am wondering what is the difference?
--67.233.xx.xx |
HO3 vs DP3 Insurance (by Colin [CO]) Posted on: Mar 29, 2011 4:43 PM
Message:
Hi Nancy, my understanding is that HO3 is for Home owners (primary) and DP3 is for rental property. As you state that this is your primary residence then I'd question the company to clarify the situation --124.144.xxx.xx |
HO3 vs DP3 Insurance (by Reid [KS]) Posted on: Mar 30, 2011 3:14 AM
Message:
see a local independent agent and see what they can offer you --99.72.xxx.xxx |
HO3 vs DP3 Insurance (by Lisbet [IA]) Posted on: Mar 30, 2011 9:43 AM
Message:
Ok- this is my area of expertise from my day job. HO3 is going to be better coverage for you. DP (dwelling fire) policies are actually where hazard insurance started- they were around before homeowner's form policies were. They are less comprehensive and have fewer bells and whistles, and at my company, we no longer offer DP policies for owner occupied dwellings, we use them only for rental properties. Now, it will vary by carrier what exactly is available endorsement-wise on a DP3 policy, but generally speaking, DP policies don't have the extra endorsements available that may homeowners want (125% dwelling replacement, backup of sewer and drain coverage, personal property replacement cost, ability to schedule jewelry etc.) I'd question the fact liability aspect as well- are they saying you would have no liability coverage at all, or just that no animal liability. I would not put a DP3 on my primary home if I had better options. I know the homeowner's market in FL is really hard right now- my company is not currently writing any new home policies in the state. Definitely talk to an Independent agent to see what they can offer you. I think you can do better. --155.188.xxx.xx |
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