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What is the difference between an HO3 and HO5 policy?

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What is the difference between an HO3 and HO5 policy?

This is a very interesting question from Insurance subject matter

I had been asked this question by my school principal while I was bunking the class.

Other related questions to my question are:

Is an HO5 policy worth it?

What does an HO5 policy cover?

In what way is the HO-5 comprehensive form different from the Ho 3 special form?

What does the Ho-5 policy form cover that the Ho 3 form does not cover?

1 Answer

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Correct answer for this question is: An HO-3 policy only covers personal property for named perils, while an HO-5 policy covers personal property for open perils. In simple terms, this means an HO-5 insurance policy is more comprehensive and covers damage to your personal property in all cases, except damage specifically excluded from your policy.Jun 24, 2021

The title of my answer is HO-3 vs. HO-5 Homeowners Insurance Policy

 You can read more about by answer on MoneyGeek

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