What type of Dwelling Policy insures only property?

The DP-1 policy, also known as the Basic Dwelling Policy, is designed specifically to provide coverage for property, which includes the dwelling itself and, in some limits, personal property. This form of insurance is geared toward those who may rent out their properties or own a property that is not occupied as a primary home.

The DP-1 provides named peril coverage, meaning it only covers specific risks listed in the policy, such as fire, lightning, and vandalism. Its focus is primarily on protecting the physical structure and not necessarily on additional coverages such as liability or additional living expenses, which distinguishes it from forms designed to insure both property and personal liability, like the homeowner policies.

In contrast, the DP-2 and DP-3 policies provide broader coverage options, including coverage for additional risks and additional types of property, which go beyond just the physical structure. The HO-2 is a type of homeowners insurance that covers both personal property and liability, targeting owner-occupied residences rather than solely the physical aspect of a property. Thus, the DP-1 is the correct choice for solely insuring property.