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DP-3 Insurance for Homeowners

Once an owner has moved out of their home and decides to make the property a “rental” the owner will need a Dwelling Fire policy. This policy is similar to a standard HO-3 homeowner’s policy but allows for tenant occupancy. The information an agent would need to write a DP-3 policy would include; age of home, updates to roof, AC, electrical and plumbing, construction type and proximity to water/ocean. Depending on the age of the home, a 4 point inspection may be needed. If there are multiple structures on the property (detached garage, workshop etc.) be sure to let the agent know to include those on the policy.

Vacant Policies

Once a property is unoccupied for over 30 days, a Vacant policy should be written on a property. If the home is simply for sale and is in the middle of a homeowners policy term, the property owner may be given until the end of the policy term (depending on the insurance carrier) Vacant policy can be written as short as one month up to an annual policy.

Important Information for Landlords

Many carriers will not continue a policy if the tenant has an “attack breed dogs” Check your carrier guidelines if the tenant has a dog.

If your tenant has a Trampoline it is important that the carrier is notified and some will exclude liability for the trampoline and some will terminate coverage if a trampoline is put on the property.

If a property deed is transferred to an LLC, trust or corporation – let the agent know.