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What Type of Coverage Does a HO3 Policy Provide

What Type of Coverage Does a HO3 Policy Provide Posted on May 27, 2020

For most people, their home is their biggest investment. Purchasing homeowner’s insurance that provides the coverage you need at an affordable price is a vital part of the homeownership process. To make the best choice for your circumstances, it is important to understand some basics about home insurance policies, such as exactly what an HO3 policy is.

Is an HO3 Policy Right for Your Situation?

HO3 policies are a common type of homeowner insurance policy. It is written on what is known as an open-perils basis for structures. This means that it covers any risks unless they are specifically excluded. The coverage of your belongings is on a named-perils basis. This means your personal property is only covered due to damage caused by named events included in your policy. HO3 policies are used for single or multi-family homes where the property owner lives on-site and there are no renters.

HO3 policies typically provide all the coverage needed for a homeowner. It will cover the home itself as well as structures such as detached buildings and fencing. It will also provide coverage for personal belongings, including furniture and clothing.

If your home is damaged and needs to undergo repairs, an HO3 policy will also cover living expenses you face, such as rent, while the repairs are underway. It is important to make note of any exclusions in your policy, such as damage due to earthquakes or flooding. To learn more about which homeowner’s policy is best for your situation, get in touch with Kin Insurance at

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