Which Homeowner's policy provides all risk or open peril coverage on the dwelling but broad form coverage on the personal property?

The HO-3, also known as the special form homeowner's policy, offers a comprehensive level of coverage. Under this policy, the dwelling is insured on an all-risk or open peril basis, which means that it covers nearly all risks of physical damage unless specifically excluded in the policy. This is advantageous for homeowners because it provides protection against a wide variety of potential threats, such as fire, theft, vandalism, and certain natural disasters.

In contrast, the personal property under an HO-3 policy is covered by broad form coverage. This means it protects against specific risks listed in the policy, typically including named perils like fire, theft, and falling objects, but not to the same broad extent as the coverage for the dwelling. This structure balances the overall risk management by providing robust protection for the structure itself while allowing for targeted coverage of personal belongings.

The other policy types do not offer this combination of coverage. The HO-1 is a basic form with very limited named perils for both dwelling and personal property, while the HO-2 provides broader named peril coverage but does not offer the open peril aspect for the dwelling itself. The HO-4, known as renters insurance, specifically applies to personal property for tenants and does not cover the dwelling