![]() What does that mean? Let’s say a windstorm destroys a deck built 20 years ago.īecause the deck was 20 years old, its construction materials were older and not worth as much as new materials. The policy considers the depreciation of your property- the older it is, the lower its value. A DP1 policy will compensate you for the actual cash value (ACV) of your losses. A DP1 policy explicitly lists which perils are covered while a DP3 will only list a handful of exclusions.Īctual cash value: Another difference between these two policies is compensation for your losses. Named peril policy: The most prominent difference between a DP1 and a DP3 policy is that a DP1 is a named peril policy, whereas a DP3 is an open peril policy.
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