HO-3 homeowners insurance is also referred to as what?

The HO-3 homeowners insurance policy is commonly referred to as the "Open Form" policy. This designation highlights the fact that it offers open perils coverage for the structure of the home. This means it covers all risks of physical loss or damage unless specifically excluded in the policy. This type of coverage provides the broadest protection for the dwelling, contrasting with more limited forms of homeowners insurance, which may only cover specific perils.

In the context of homeowners insurance, the term "Open Form" stands out because it reflects the comprehensive nature of the coverage provided for the home itself, while personal property within the home may be covered on a named perils basis, where only specified risks are covered. This distinction makes the HO-3 policy a popular choice among homeowners seeking extensive protection for their property.