Copyright 2008 The Insurance Files
    The most popular type of homeowners insurance and the one that is purchased most often is HO-3 homeowners insurance. You may also hear the names Homeowners 3 or Special Form for this type of policy. The great thing about an HO-3 policy is the "open perils system." In other words, it covers any direct damage to the house, garage, or any other structure you may have. The only time there is no coverage is if the peril is specifically excluded from the policy. When opening a policy, be sure to read the fine print to see the exclusions. Another reason to fully read over the policy is because, of course, there are restrictions that apply. The coverage on your possessions is not as open as the property coverage; your possessions will only be covered under the perils listed in HO-2 insurance policies. Any losses are covered for the full value of

replacement and there is no deduction for depreciation, definitely a good deal.

    To cover your home and possessions against almost anything that can happen, get a free homeowners insurance quote for an HO-3 policy today.