HO-5 Policy
Insurance Glossary
A homeowners form that covers both the house and personal belongings on an open perils basis, so a cause of loss is covered unless the policy excludes it. That is broader than the widely used HO-3, which covers belongings only for perils specifically listed, and it puts the burden on the insurer to point to an exclusion in order to deny a contents claim. Insurers generally reserve it for newer or well maintained homes and charge more for it, and the usual sublimits on categories such as jewelry and cash still apply.
This content is for general informational purposes only and is not insurance, legal, or financial advice. Coverage, exclusions, eligibility, and pricing vary by insurer, by policy, and by state, and only the policy documents control what is covered. Always confirm the details of any coverage with a licensed insurance agent or the issuing carrier before you buy.
Related Articles
Cash Value, Policy Loans and Nonforfeiture Options
Permanent life insurance builds a value you can use while alive. Here is how loans, surrender and the three nonforfeiture options work, and what each one costs.
Read MoreThe Contestability Period and What Can Void a Policy
For a limited period after issue, a life insurer can contest a claim over the application. Here is how incontestability works, and what the suicide clause does.
Read MoreGroup Life Through Work vs an Individual Policy
Employer life insurance is easy to get and easy to lose. Here is what group coverage does well, where it falls short, and how portability and conversion work.
Read More