What is an ho-3 homeowners insurance policy

A homeowners insurance (HO-3) policy is a coverage plan that covers your home's structure, your personal belongings and liability in the event of damage or injury. Typically, an HO-3 policy will also cover additional living expenses and protection for other structures on your property.

What is HO3 used for?

HO3 is typically used for owner-occupied homes because it offers reliable, affordable coverage for common risks. HO3 policies typically pay for: Damage to the home (Coverage A). Damage to other structures on your property, like fences or detached garages (Coverage B).

Which of the following perils is covered under the HO 3 policy?

An HO-2 policy puts The burden of proof is yours to prove that your loss was caused by one of the named perils. The HO-3, on the other hand, is what is called an "open" perils policy. Everything is covered except what is specifically excluded. For example - earth movement, flood, nuclear hazard, and war are excluded.

What is the difference between ho2 and HO3?

The HO3 and HO5 policies both cover a policyholder's house on an open peril basis. The difference is in how it protects personal property. HO5 comes with better coverage, meaning it also comes with a higher price. The value is based on whether the additional cost is worth the benefit.