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Real Estate Investor Insurance: DP-3, Vacant, Fix & Flip, and STR Programs
Published January 2026 10 min read
DP-3 vs HO-3 for landlords
Long-term rentals to non-owner tenants are typically written on a DP-3 (Dwelling Fire Policy, Form 3). Unlike a homeowner HO-3, a DP-3 contemplates that the dwelling is non-owner-occupied. Replacement cost on the dwelling, ACV on contents, fair rental value, and at least $300K liability are the standard structure.
Vacant property
Most standard policies exclude losses on properties vacant beyond 30–60 days. For longer renovation periods, switch to a vacant building policy (or builders risk if work is being performed). Coverage is restricted (often no theft, vandalism limited), but it's the only way to keep losses payable.
Fix and flip / builders risk
During active renovation, Builders Risk is the right form — covering the structure (and materials) on a course-of-construction basis. Most policies are 6 or 12 months with extensions; some carriers cover unoccupied periods post-completion until sale.
Short-term rentals
Airbnb/VRBO units need a true STR program — not a DP-3 or HO-3 (both of which deny claims tied to short-term commercial rental). STR programs add commercial liability and business income, plus higher contents.
Apartment portfolios
5+ unit buildings are commercial; coverage runs through commercial property + commercial GL (or a package policy). Schedule values for replacement cost, name your lender as mortgagee/loss payee, and use blanket limits when underwriting allows.
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