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Named perils vs. open perils Now that you know the difference between an HO-3 and an HO-5 policy, let’s delve deeper into insurance perils. To recap: a peril is a cause of damage like a fire ...
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:
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 ...
Together with an open peril, a.k.a. "special form" policy, these two groupings of named perils allow the insurer to offer a choice among three types of policy, with three levels of coverage, which can be priced in a fair and accurate manner and appeal to a variety of resident homeowners as well as owners of apartment buildings and condominium ...
Property is insured in two main ways—open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. 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 ...
The most common type of homeowners insurance is the HO-3, which covers your home and detached structure on an open perils basis, and your personal property by named perils. HO-3 policies also ...
A typical business owner's policy includes property and liability insurance. The property insurance portion of a BOP is available most often as named-peril coverage, which provides compensation only for damage caused by events specifically listed in the policy (typically fire, explosion, wind damage, vandalism, smoke damage, etc.). [3]
HO-4 policies: These are designed for renters rather than homeowners. HO-4s typically cover 16 named perils, but coverage is limited to your personal property and does not include the actual ...