An HO-3 policy, also called a "Special Form" policy, is the most popular homeowners insurance policy. It covers your home's structure against all perils except those specifically excluded (open-peril coverage), while personal property is covered on a named-peril basis. This provides broad protection for most homeowners.
Policy Terms
HO-3 Policy
HO-3 Policy is defined as: The most common homeowners insurance policy form, providing open-peril coverage for the dwelling and named-peril coverage for personal property.
Related Terms
Dwelling Coverage
Insurance coverage that protects the physical structure of your home, including attached structures.
Personal Property Coverage
Insurance coverage for your personal belongings inside your home, such as furniture, clothing, and electronics.
Peril
A specific risk or cause of loss covered by an insurance policy, such as fire, theft, or windstorm.
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