The Special Form policy, also known as an HO-3 policy, is indeed the most popular form of homeowner’s insurance. It provides comprehensive coverage for a wide range of potential damages. Here are some of the benefits and features that make the HO-3 policy so popular:
Property coverage for your home and other structures on your property, including detached garages, sheds, and fences. This coverage protects against a variety of perils such as fire, wind, and theft.
Liability coverage for personal injury or property damage that you or your family members may cause to others. This includes legal defense costs and court-ordered settlements.
Additional medical coverage for those injured on your property.
Coverage for additional living expenses, such as temporary housing, if your home becomes uninhabitable due to a covered event.
It’s important to note that each insurance company’s HO-3 policy may have different terms and conditions. Before selecting a policy, it’s wise to compare quotes and coverage from several insurers, as well as read the fine print of each policy. With the right coverage in place, you can enjoy peace of mind knowing that you, your family, and your property are protected against a wide range of potential perils.