Which dwelling form is commonly referred to as the Broad form?

The Broad form, commonly referred to as DP-2, provides coverage for a wider range of perils compared to the Basic form (DP-1). The DP-2 policy includes coverage for named perils such as fire, lightning, explosion, windstorm, hail, and vandalism, along with others that are typically covered in this form. This makes it a more comprehensive option for property owners who want to protect their dwelling in various situations.

The Broad form is especially useful for homeowners who may require more extensive coverage than what the Basic form provides while still not needing the extensive coverage of the Special form (DP-3) that covers all perils except for those specifically excluded. Thus, the DP-2 is designed to strike a balance between coverage and cost, which is why it is often preferred.

Understanding the differences between these dwelling forms is crucial for homeowners and insurance professionals alike, as it helps in making informed decisions based on the level of risk and protection desired.