What is the difference between an HO8 and HO3?
What is the difference between an HO8 and HO3?
HO3 and HO8 policies are both basic policies. The main difference between them is that an HO3 is an open perils policy whereas an HO8 is a named perils policy. An open perils policy works pretty much in the reverse of a named perils policy. Jan 10, 2022
What is a DP 1 policy?
A DP1 policy, often referred to as Dwelling Fire Form 1, is a straightforward form of insurance under the home insurance policy umbrella. This type of policy is used to ensure both vacant homes and rental properties from nine named perils.
Is HO8 actual cash value?
HO-8 policies typically pay the actual cash value of your home, often not enough to cover all rebuild costs. HO-8 policies don’t cover earthquake or flood damage, or common damages caused by winter storms. Jul 14, 2020
