HO-3 Policy
The most common homeowners insurance policy form, providing open perils coverage for the home's structure and named perils coverage for personal belongings.
Detailed Explanation
The HO-3 policy balances comprehensive protection with affordability. It covers the dwelling for all risks except those specifically excluded (like floods and earthquakes) while covering personal property only for specifically listed perils.
Practical Example
Jennifer's HO-3 policy covered the structural damage to her home from a fallen tree (under open perils coverage) and also covered her furniture damaged in the incident because falling objects is a named peril for personal property.
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