Openly offers home-sharing coverage across both HO-5 and HO-3 policy forms, which differ in property protection scope and settlement terms:
| Policy Form | Primary Use Case | Coverage C (Personal Property) | Personal Property Loss Settlement |
|---|---|---|---|
| HO-5 | Primary & Secondary / Seasonal | Open Perils | Replacement Cost |
| HO-3 | Rent to Others (Long-Term Rental) | Named Perils | Actual Cash Value (ACV) |
- HO-5 Policies: Openly's primary and secondary / seasonal policies are written on the HO-5 form, providing open peril coverage across all property coverages. Damage or loss to personal belongings or the home is covered unless specifically excluded.
- HO-3 Policies: Openly's Rent to Others policies are written on the HO-3 form, providing open peril coverage for most structural coverages, while Coverage C (Personal Property) is limited to Named Perils. Belongings are covered only if damaged by a peril explicitly listed in the policy.
The above is meant as general information. This information does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. Descriptions of all coverages and other features on this page are necessarily brief; in order to fully understand the coverages and other features of a specific insurance policy, we encourage you to read the applicable policy. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim. References to general claims handling steps, average or typical premiums, amounts of losses, deductibles, costs of coverages/repair, etc., are illustrative and may not apply to your situation.
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