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To understand the difference between HO-3 vs. HO-5 home insurance, you have to know a bit about how insurance works. Home insurance policies provide coverage for insurance perils, or types of ...
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.
HO-5 insurance provides some of the broadest protection for your home.
The first homeowner's policy per se in the United States was introduced in September 1950, but similar policies had already existed in Great Britain and certain areas of the United States. In the late 1940s, US insurance law was reformed and during this process multiple line statutes were written, allowing homeowner's policies to become legal. [10]
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.
Standard HO-3 home insurance policies cover damage to your home’s structure, other structures on your property and your personal belongings, as well your liability as a homeowner and the cost ...
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