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
The Texas All-Lines Adjuster exam is 150 questions and takes 105 correct — 70% — to pass. The app’s page carries a free ten-question test drawn from the same bank, marked as you go.
Take the free practice test