What is an ho3 homeowners 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 perils are covered under an HO-3 policy?

For most Floridians, a standard (HO3) homeowners policy covers a range of Named Perils which typically include: Weather events: lightning, windstorms, hailstorms, and named storms or hurricanes. Other events: explosions, falling objects, fire, smoke, or volcanic eruption.

What is the difference between HO3 and ho2?

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 h03 and h05?

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.

What is a HO3 insurance policy in Florida?

HO-3 — Special Form\n\n Typically, an HO-3 policy will cover the home's structure, as well as any structures that are attached, like a carport or garage. The policy should also provide coverage for personal belongings and personal liability, if someone is injured on the insured property.