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The coverage included in an HO-3 and HO-5 policy offers financial protection from damage to your home, other structures on your property and your personal belongings, as well as liability coverage.
HO-5 insurance provides some of the broadest protection for your home.
Key takeaways. The most common type of homeowners insurance policy is the standard HO-3 Special Form policy. HO-5 policies offer the broadest coverage of all policy types.
Homeowner's policy is a multiple-line insurance policy, meaning that it includes both property insurance and liability coverage, with an indivisible premium, meaning that a single premium is paid for all risks. This means that it covers damage to one's property and liability for any injuries and property damage caused by the owner or members of ...
According to their policy, State Farm was obligated to pay up to $250,000 per person or $500,000 per occurrence, with a personal liability limit of $1 million. [69] State Farm refused to pay the awarded amounts of $100,000 for Charles Cook and $400,000 for Bernadette Cook when they pursued their claim.
State Farm Fire & Casualty Co. v. United States ex rel. Rigsby State Farm Mutual Automobile Insurance Co. v. Campbell State Farm Research and Development Center
The key difference between HO-3 and HO-2 policies is that an HO-3 policy covers the physical structure of your home from open perils or any that are not explicitly excluded from your policy.
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