What Is HO3 Insurance Coverage?

HO3 insurance coverage insures an owner-occupied home, private structures related to it, personal property on and off the premises, and loss of use, according to the International Risk Management Institute. The policy also covers personal liability and medical payments. HO3 is the most common and most popular form of homeowners insurance, according to the National Storm Damage Center. An HO3 policy is an open perils policy, which means it covers everything that it does not specifically exclude from coverage.