Let Me Help You Choose the Best Comprehensive Insurance Coverages
HO3, HO6, DP3, and HO4 are distinct property insurance policies tailored to different living situations—homeowners, condo owners, landlords, and renters. Each offers specific coverage types and exclusions.
Here’s a detailed breakdown of each:
🏡 HO3 – Homeowners Insurance (Owner-Occupied)
Best for: People who own and live in a single-family home.
- Dwelling Coverage (Coverage A): Open-peril basis—covers all risks unless specifically excluded (e.g., earthquakes, floods).
- Personal Property (Coverage C): Named-peril basis—covers listed risks like fire, theft, vandalism.
- Other Structures (Coverage B): Includes detached garages, sheds, fences.
- Loss of Use (Coverage D): Covers temporary housing if your home becomes uninhabitable.
- Liability (Coverage E): Protects against lawsuits for bodily injury or property damage.
- Medical Payments (Coverage F): Covers guest injuries on your property.
Exclusions: Floods, earthquakes, neglect, war, intentional damage.
🏢 HO6 – Condo Insurance
Best for: Condo unit owners.
- Dwelling Coverage: Covers the interior structure of the unit (walls-in), including fixtures and improvements.
- Personal Property: Covers belongings against named perils.
- Loss Assessment: Covers shared damage costs assessed by the condo association.
- Liability & Medical Payments: Similar to HO3, but limited to the unit and personal activities.
Note: The condo association’s master policy typically covers the building’s exterior and common areas.
🏘️ DP3 – Landlord Insurance (Dwelling Property Form 3)
Best for: Property owners who rent out homes.
- Dwelling Coverage: Open-peril basis for the structure.
- Other Structures: Included (e.g., detached garage).
- Loss of Rent: Covers lost rental income if the property becomes uninhabitable.
- Personal Property: Limited—only covers items the landlord owns (e.g., appliances).
- Liability & Medical Payments: Optional and usually limited to premises liability.
Key Difference from HO3: DP3 is for non-owner-occupied properties.
🧳 HO4 – Renters Insurance
Best for: Tenants renting an apartment or home.
- Personal Property: Covers belongings against named perils like fire, theft, vandalism.
- Loss of Use: Pays for temporary housing if rental becomes uninhabitable.
- Liability & Medical Payments: Covers injuries or damage caused to others.
Does NOT cover: The building structure—this is the landlord’s responsibility.
