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HO-3 home insurance policies cover your dwelling and other structures on your property under open perils coverage, and HO-5 policies cover both your home and personal property for open perils.
A homeowners insurance policy is designed to provide you with financial protection from a variety of damage-causing events, also called perils. Exactly what homeowners insurance covers and which ...
Key takeaways. Homeowners insurance offers financial protection if your property is damaged by a covered peril. Home insurance usually covers your home's physical structure, other structures on ...
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 ...
An HO-2 is a step above the HO-1, as it covers your home and personal belongings for named perils. The most common type of homeowners insurance is the HO-3, which covers your home and detached ...
There are eight types of homeowners insurance policies offered by most providers to choose from, and each either has a named perils approach or an open perils approach.
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