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Your home insurance policy type will determine whether or not your dwelling and personal property are covered on a named or open peril basis. Generally, perils are covered as:
Named perils vs. open perils. ... The process of filing a homeowners insurance claim is the same whether you have an HO-3 or HO-5 policy and can be broken down into these three steps:
An HO-2 policy is a type of homeowners insurance that only covers damages caused by perils specifically named in your policy. An HO-2 typically covers 16 named perils, including damage from fire ...
An "open perils" policy is broader in the sense that it will provide coverage for all losses except those expressly excluded from the policy. For insurance policies that cover specific named perils, the insurer frequently offers a choice between one policy covering a basic set of specific perils and another covering the same basic set plus ...
HO-5 policies: These are the most robust homeowners insurance policies available and cover open perils for both your dwelling and personal property. Coverage for open perils means any peril not ...
Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion, cyber ...
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