There's no doubt about it. If you own investment property in Florida, you'll want to learn more about the DP-3 policy. This type of homeowners insurance is specifically meant to benefit property owners like you. It gives you the protections you need, at a lower cost than a standard HO-3 policy.
DP-3 Is Ideal for These Property Types
A DP-3 policy is one of the most cost-effective ways to protect residential property in Florida owned by individuals or deeded in the name of an LLC, trust, corporation, or partnership. This includes:
- Rental homes
- Inherited homes
- Vacation homes
- Homes with roofs 10+ years old
When to Choose a DP-3 Policy
There are many different situations in which a property owner or investor might choose a DP-3 policy instead of a HO-3, including:
- Snowbirds who rent out their Florida home in the off-season.
- Out-of-state adult children who inherit their parents' Florida residence and are considering renting it out while deciding what ultimately to do with it.
- Anyone with a residential investment property renting it to others.
- Florida homeowners with older roofs still in good condition – but who are struggling to find affordable home insurance.
How a DP-3 Saves You Money
The following are some of the remarkable benefits of a DP-3 policy from Florida Peninsula Insurance Company, along with how each represents significant savings you can bank on.
Replacement Cost. Long understood to be the best valuation option available, replacement cost is what most homeowners would choose, if money were no object. With a DP-3 policy from Florida Peninsula Insurance Company, it’s now more affordable than ever before. With a DP-3 policy, the structure of your dwelling (except the roof) is covered at replacement cost, which provides the biggest payout possible after a covered loss.
No-Hassle Roof Value. Because roof repairs/replacement is paid out at "stated value" eliminating any surprises or haggling over roof claims. Because there is a capped risk for the insurer, it practically ensures your premium on a DP-3 policy will be less expensive than with an HO-3 policy.
Loss-of-Rent Coverage. Most homeowners and investors prefer stability: when income is secure, predictable, and potential disruptions minimized where possible. It’s another reason landlords love DP-3 insurance: it protects their rental income stream after a disaster strikes and tenants must leave the premises so repairs can be carried out.
Broad Protections. As an all-perils policy, you’re covered for a wide range of damage-causing disasters with a DP-3 policy. Whatever isn't covered will be specifically listed as exclusions in your policy.
Customize It. With a DP-3 policy, you get options. Feel free to choose from several additional protections available to you, including personal property coverage, premises liability and medical payments to others, plus coverage for a screen enclosure or carport, golf cart, equipment breakdown, identity theft protection, and more.
Insuring Florida Rental Property? Save Money with a DP-3
Getting the insurance you need shouldn’t cost an arm and a leg. At Florida Peninsula Insurance Company, we offer a type of homeowner’s insurance with you in mind: a DP-3 policy. To find out how your investment or rental property can be insured at a fraction of the cost of a standard HO-3, contact your agent. If you’re not currently insured by Florida Peninsula, get a quote now.
