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.
For further assistance, contact us via our webform or Live Chat.