Question

Which of the following would be covered by an HO3?

1) an office building
2) an apartment building
3) single family, owner occupied
4) single family, renter occupied

Answer 1

An HO3 insurance policy specifically covers a single-family, owner-occupied home, offering protection against various risks to the structure, personal property, liability, and additional living expenses.

Step-by-step explanation:

An HO3 insurance policy, also known as a Special Form Homeowners policy, typically covers a single-family, owner-occupied dwelling. An HO3 policy is designed to protect homeowners against a variety of risks and provides coverage for the structure of the home, personal belongings, liability protection, and additional living expenses if the home becomes uninhabitable due to a covered peril.

Based on the options provided:

1. An office building would not be covered by an HO3 as it is a commercial property.
2. An apartment building also would not be covered as it is a residential property that contains multiple family units, not a single-family dwelling.
3. Single-family, owner-occupied homes would be covered by an HO3.
4. Single-family, renter-occupied homes would require a different type of policy, such as an HO4, which is a renter's insurance policy that protects the tenant's belongings and includes liability coverage, but does not cover the actual dwelling itself which should be insured by the landlord.