What is Ho-3 home insurance?

HO-3 insurance is a package policy that covers your home, other structures on your property, your personal property, personal liability and loss of use. An HO-3 insurance policy is the standard type of homeowners insurance coverage. HO-3 home insurance covers the dwelling, other structures, personal property and liability.

Do you need Ho-3 insurance for a multi-family home?

HO-3 insurance policies are primarily available for single-family homes; however, some multi-family homes and townhouses may need this type of coverage in some cases. One primary qualification for an HO-3 policy is owning and residing in the dwelling and needing to ensure the entire structure of the home.

What is the difference between HO-2 and Ho-3 homeowners insurance?

An HO-2 policy is generally a more basic form of homeowners insurance compared with an HO-3 policy. HO-2 policies only cover named perils, whereas HO-3 policies often have at least some components that operate on an open peril basis. Homeowners insurance policies have different codes based on what they cover.