Homeowners (HO3) vs Dwelling and Fire Protection (DP3) policy

[Pradeep C.]

Hello,

Hope everyone is doing well during these testing times!!!

I have a question regarding Homeowners insurance vs DP3.

We have moved to our new home and wanted to rent our old primary home. We are ready for Homeowners insurance renewal end of the month and we are currently having a HO3 policy on the old property. 

Since we are moving to our new primary home, I wanted to know if I should ask my insurance company to provide a DP3 policy quote for the old primary which we are going to rent out or keep the insurance as HO3. We are going to have the renters get a renter's insurance for the tenure of the lease as well.

Any advantages of keeping the policy as HO3 vs converting to DP3.

Please explain and clarify how should we proceed. 

Thanks a bunch. Stay Safe Y'All