What is the Difference Between an HO-3 and an HO-5?

Openly's Primary and Secondary / Seasonal policies are written on the HO-5 form, which provides open peril coverage for all property coverages. This means that the policy will cover any damage or loss to belongings or home unless it is specifically excluded from the policy.

Openly's Rent to Others policy is written on the HO-3 form. This policy also provides open peril coverage for most property coverages, except for Coverage C (personal property). Coverage C on the HO-3 form is a Named Perils policy, which means that the policy will only cover damage or loss to belongings if caused by one of the named perils listed in the policy and is not excluded.

 

  HO-3 HO-5
Coverage C Named Perils Open Perils
Personal Property Loss Settlement ACV Replacement Cost

 

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