Which dwelling property form is known as the basic coverage?

The DP-1 Basic Form is recognized as the foundational coverage for dwelling insurance. This form offers a limited array of protections when compared to the other dwelling property forms. It typically covers specific named perils, such as fire, lightning, and internal explosion, making it a more basic type of coverage suited for lower-value properties or those where the owner wants to minimize premium costs.

While the DP-2 Broad Form and DP-3 Special Form provide broader and more extensive coverage, including additional perils and coverage types, the DP-1 is specifically designed for those seeking essential, no-frills protection. The DP-4 Comprehensive Form does not pertain to dwelling property but instead focuses on broader residential occupancy, which is distinct from the fundamental aim of the DP-1. Thus, recognizing the DP-1 Basic Form as the standard for basic coverage is essential for understanding the spectrum of dwelling property insurance options.