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Oklahoma Dwelling Policy For Rental Property Insurance

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Oklahoma Dwelling Policy For Rental Property Insurance

Rental property insurance, also known as landlord insurance, is the kind of insurance landlords should have to protect their dwelling when they’re renting it out to other people. Rental properties can only be insured through a dwelling policy, not a homeowners policy, and today we’ll learn why!

Dwelling Policy for Rental Properties

If you own a rental property, a dwelling policy is the right choice. Not only because it’s the appropriate policy if you’re renting out your home, but also because it includes certain risks, such as value or age, that are not covered by a homeowners policy.

rental home insurance

Two of the three dwelling policy forms don’t provide coverage from liability or theft, though. This is because if personal property is stolen from your rented dwelling, it doesn’t actually cover that risk unless you specifically ask for that endorsement. The same with liability coverage, you would need to ask for that endorsement. This applies to the Basic and Broad Form policies, but not with the Special Form Dwelling Policy which typically includes both of those risks.

Properties eligible for dwelling policy include: modular homes also known as pre-fabricated homes, vacant buildings, dwellings designed for no more than 4 families or 4 apartments or that are occupied by no more than 5 people, private outbuildings, and household or personal property.

Dwelling Policy Forms and Their Differences

There are three different versions of the dwelling policy form, which are: Basic Form DP-1, Broad Form DP-2, and Special Form DP-3. Let’s take a look at each of them individually. 

  • Basic Form DP-1

The Basic Form DP-1 covers dwelling, other structures, personal property, rental value, and living expense by endorsement. It will also insure your property against perils such as: fire, lighting, and internal explosion, as well as vandalism and malicious mischief (usually as an endorsement) and extended coverage endorsement (ECE). As the name suggests, this form offers all the basics for rental property insurance. 

  • Broad Form DP-2

The Broad Form DP-2 covers dwelling, other structures, personal property, rental value and living expense. It also insures your property against perils such as fire, lighting, vandalism and malicious mischief and sometimes extended coverage endorsement. 

As opposed to the Basic Form DP-1, this one also offers protection from damage by burglars, falling objects, weight of ice, show or sleet, discharge or overflow of water or steam, tearing apart, cracking, burning, bulging of steam or water system, freezing of plumbing, heating, air conditioning or sprinkler systems, artificially generated electric current and even volcanic eruption. 

As you can see, this dwelling policy form for rental property insurance will protect your property from a wide range of perils and dangers. 

  • Special Form DP-3

Last but not least, the Special Form DP-3 covers the dwelling, other structures, personal property, rental value, living expense and liability. It also insures your property against perils such as risks of direct physical loss and all the ones mentioned in the Broad Form DP-2 as well. 

The first two forms offer coverage for specified perils, while the special form is an open perils policy, meaning you’ll be able to determine what kind of perils you want to protect your property against. 

If you want to have a better grasp of this kind of coverage, request an online quote today! It’s easy and free.