What type of coverage does a Basic Form Dwelling Policy (DP-1) provide?

A Basic Form Dwelling Policy (DP-1) provides coverage on a named peril basis. This means that the policy specifically lists the perils that are covered. If a peril is not named in the policy, it is not covered. Common perils typically covered by a DP-1 policy include fire, lightning, and explosion, among others.

This type of policy is designed primarily for landlords or homeowners seeking a basic level of protection against specific risks rather than providing comprehensive coverage. The emphasis on named perils indicates that it is more limited in scope compared to other forms of dwelling policies that may offer broader or open peril coverage, which would cover all risks except those specifically excluded in the policy.