What type of form is HO-3?

The HO-3 form, also known as the Homeowners 3 policy, is classified as an open peril form. This means that it provides coverage for all perils except those specifically excluded in the policy. The advantage of this type of coverage is that it offers broader protection for the insured property, as it covers damages caused by a wide range of events such as theft, vandalism, fire, and certain natural disasters.

In contrast, a named peril form would cover only those specific perils listed in the policy, leading to potentially gaps in coverage for unexpected events. The broad form offers a middle ground by covering certain named perils for personal property but does not extend the same comprehensive coverage provided by an open peril form like HO-3. Specific coverage forms are tailored to cover particular risks in a more limited capacity. The open peril nature of the HO-3 form aligns with homeowners' needs for extensive protection, making it a popular choice among policyholders.