Personal Lines & Homeowners

The HO-3 (Special Form) homeowners policy insures the dwelling on which basis?

Answer

Open perils (all risks) except those excluded

HO-3 covers the dwelling and other structures on an open-perils basis (all risks except stated exclusions) while covering personal property on a named-perils basis.

Source: NAIC, Homeowners Policy Form Definitions (property data call); Wis. OCI, Consumer's Guide to Homeowners Insurance (PI-015)

Not the answer

  • Agreed value only
  • Fire and lightning only
  • Named perils only

Practice this

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