Understanding HO-3 Homeowners Policies
Learn about HO-3 homeowners insurance policies, the most common type of coverage for single-family homes.
Weston Nelson
Disclaimer: This article is for educational purposes only and does not constitute financial, insurance, legal, or tax advice. Individual circumstances vary. Please consult with a qualified professional before making any decisions based on this content.
Introduction
HO-3 is the most common type of homeowners insurance policy for single-family homes. Understanding what it covers helps you know what protection you have.
What Is an HO-3 Policy?
An HO-3 policy provides "open perils" coverage for your dwelling and "named perils" coverage for your personal property.
Dwelling Coverage
HO-3 policies cover your dwelling against all perils except those specifically excluded, such as floods, earthquakes, and normal wear and tear.
Personal Property Coverage
Personal property is covered against specific named perils, such as:
- Fire and smoke
- Wind and hail
- Theft
- Vandalism
- Falling objects
Additional Coverages
HO-3 policies also include:
- Liability coverage
- Medical payments coverage
- Additional living expenses
- Other structures coverage
Key Features
- Comprehensive dwelling protection
- Standard personal property coverage
- Liability protection
- Additional living expenses
Key Takeaways
- HO-3 is the most common policy type
- Open perils for dwelling, named perils for personal property
- Includes liability and additional coverages
- Review your policy to understand specific terms
Next Steps
If you have questions about your HO-3 policy or are shopping for homeowners insurance, consult with a licensed insurance professional.
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