If you’re a homeowner in the market for home insurance, chances are you’ve come across the term HO-3 policy. And for good reason – it’s the most popular type of homeowners insurance out there. Here’s a closer look at what makes this type of policy so sought after:
HO-3 policies are also known as special form policies, and for good reason. They provide coverage for all risks to your home, with the exception of any exclusions listed in the policy.
The coverage for personal belongings is also comprehensive, protecting your possessions from the same perils that are named in the HO-1 and HO-2 policies, including fire, theft, and vandalism.
HO-3 policies also typically include liability coverage, which protects you if someone is injured on your property.
One important thing to note is that HO-3 policies don’t cover everything – for example, they usually don’t cover damage from floods or earthquakes. However, you can often purchase additional coverage for these types of events.
Overall, if you’re looking for comprehensive coverage for your home and belongings, an HO-3 policy is likely your best bet. Just be sure to read the fine print and understand exactly what is and isn’t covered by your policy.