The DP-3 policy is also known as which form?

The DP-3 policy is known as the Special Form. This form provides coverage for a wider range of risks compared to the other forms available under the Dwelling Policy (DP) options. Specifically, the DP-3 policy covers risks of direct physical loss to the dwelling and personal property, with the exception of a few exclusions, making it the most comprehensive form for dwelling insurance.

In contrast to the Basic Form and Broad Form, which offer more limited coverage—primarily focusing on named perils—the Special Form provides open peril coverage, meaning that it covers all risks unless specifically excluded. This distinction is important for policyholders who seek more extensive protection for their property. The Comprehensive Form does not officially exist within the framework of dwelling insurance policies, thus making the Special Form the correct identification for the DP-3 policy. This makes it a preferred choice for many homeowners seeking a robust insurance solution.