An HO3 insurance policy is a type of homeowners insurance that offers protection for your home, yourself, and your belongings from disasters or injuries. The most standard and most common homeowners policy is an HO3. If you are a homeowner then there is a good chance that this is the type of policy you have. This form of homeowners insurance is usually the type that your mortgage company or lender will require as well to protect them and you with their investment.
HO3 Insurance Policy Coverages
An HO3 insurance policy covers for things like:
- building coverage to rebuild the house from the ground up
- other structures (detached structures from the house like a shed, pool, casita, etc.)
- personal property
- loss of use or additional living expenses
- world wide liability
- medical payments
- water damage
- theft
- vandalism
- malicious mischief
- fire
- many other perils
With an HO3, there are certain policy endorsements and exclusions that you should know about. Some policies automatically come with these coverages, but some don’t and need to be added. Some coverages that you should make sure are endorsed on the policy are:
- replacement cost on contents, not actual cash value
- extended replacement cost on the dwelling of at least 125%, but if offered 150%
- high-value jewelry or items have to be endorsed
Some things that can be excluded and not covered:
- if you own a German Shepard, Pitbull, Doberman, Chow Chow, Akita, Staffordshire Terriers, Mastiffs, Rottweilers, Great Danes, and Alaskan Malamutes are often excluded for any animal liability if they bite or injure someone or another animal
- roof exclusions are possible if you have a roof that is not in good shape, or if it is very old
If you would like to read more in-depth about what each coverage protects you from and what they mean, check out our homeowners’ insurance guide here. If you would like to get a quote for an HO3 insurance policy, feel free to call us anytime at 949-450-1822, email us at info@unity1.com, or go here to obtain a quote!
