Question

Shopping home insurance for first home and one of the insurance agents gave me a DP-3 policy and I told her that I need HO-3 because I do not plan to rent it out. She stated "This is actually is very common question. This product from ST. Johns (insurance company) acts just as an HO3 policy would. St. Johns created a product that is written on a DP3 form and filed with the State of Florida. The quote states that the policy is “OWNER OCCUPIED” and it lists the policy as non-seasonal which means this is the insured Primary Resident. This is just another product that not any other carrier has and the rates are extremely competitive. " Does this sound right?  

Answer 1

I’d check with the state insurance board before taking her word for it

Answer 2

Does it have personal property coverage? That's optional on a DP3. Does it have guaranteed replacement cost on the house? Replacement cost on contents? I would opt for a HO3 period. In WI DP3s are usually more expensive. I'm a licensed insurance agent for 29 years.