What are the types of Dwelling Policies?

The correct types of Dwelling Policies are DP-1, DP-2, and DP-3. These policies are designed to provide coverage for residential properties that are not primarily occupied by the owner, such as rental homes or vacation properties, and they offer different levels of coverage based on the specific policy type.

DP-1 is the basic form and typically provides actual cash value coverage for named perils, which means it covers only specific risks identified in the policy, such as fire, lightning, and certain types of vandalism. DP-2 expands on this by offering broader coverage known as "broad form" coverage, which includes additional perils and provides coverage on a replacement cost basis for those perils. DP-3 is known as the "special form" policy, which offers the most comprehensive coverage, including open perils for the dwelling, meaning it covers all risks unless explicitly excluded by the policy.

This structure allows property owners to choose a policy that best suits their needs based on the level of protection they desire and their specific situation. Other combinations listed, such as DP-4 or DP-5, do not exist in the context of the standard Dwelling Policy forms recognized in property insurance.