What is the difference between an HO3 and an HO5?
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.
Is HO5 open peril?
In an HO5 policy, both personal property and your home are covered under an open perils policy. Thus, if you have a claim due to anything that causes damage to your personal property within your home, you wouldn't have to prove that it happened because of a named peril.
What type of policy is an HO3?
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 an HO6?
An HO6 insurance policy is homeowners insurance for those who own a condominium or co-op unit. As a condo or co-op unit owner, you own and are likely responsible for damages to your unit.
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