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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.
The most common policy form, HO-3 policies, usually cover personal property losses on a named peril basis. ... HO-3 home insurance policies cover your dwelling and other structures on your ...
The most basic home insurance policy is an HO-1, which provides coverage on the structure of your home. An HO-2 is a step above the HO-1, as it covers your home and personal belongings for named ...
Homes covered by an HO-2 Broad policy accounted for 5.15%, which covers only specific named perils. The remaining 2% includes the HO-1 Basic and the HO-8 Modified policies, which are the most limited in the coverage offered. HO-8, also known as older home insurance, is likely to pay only actual cash value for damages rather than replacement. [13]
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: Take action to prevent further damage to the ...
HO-2 policies will cover detached structures, personal belongings and additional living expenses, but only from perils named in the policy. HO-3 policies: These are the most common homeowners ...
Home insurance policies can vary significantly depending on the insurance provider, the type of policy purchased and any additional endorsements added to the policy. Standard HO-3 policies include ...
But then it gets a little more complicated, because HO-3 policies, the most common type, use the open perils structure for covering your dwelling (that’s your hazard insurance), but a named ...