homeowners policy special form 3 (HO 3)
Part of the Insurance Services Office, Inc. (ISO), homeowners
forms portfolio, the HO 3 insures the described owner-occupied dwelling,
private structures in connection with the dwelling, unscheduled
personal property on and away from the premises, and loss of use.
Personal liability coverage and medical payments coverage are also
provided by this policy. Coverage of the dwelling, related structures,
and scheduled personal property is on an all risks basis, while
coverage of unscheduled personal property is on a broad named perils
basis. Losses to the dwelling and other structures are paid on a
replacement cost basis, with no deduction for depreciation if certain
conditions apply. Losses to personal property are paid on an actual
cash value (ACV) basis, unless amended by endorsement. See also
Homeowners policy;
Homeowners modified form 8 (HO 8);
Homeowners
policy basic form 1 (HO 1);
Homeowners policy broad form 2 (HO 2);
Homeowners policy comprehensive form 5 (HO 5);
Homeowners policy
contents broad form 4 (HO 4);
Homeowners policy unit owners form
6 (HO 6).
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