What is the difference between HO2 and HO3?

What is the difference between HO2 and HO3?

With HO2 coverage, your dwelling coverage is written as named perils which means that your home structure is only covered by perils included in your policy. On the flipside, with HO3 coverage, your dwelling coverage is written as open perils which means that unless a peril is specifically excluded, it is covered. Aug 6, 2020