Which homeowners form provides open perils coverage on the building and contents, unless specifically excluded?

The homeowners form that provides open perils coverage on the building and contents, unless specifically excluded, is the HO-3 form. This form is designed primarily for owner-occupied single-family homes and offers broad coverage. Under the HO-3 policy, the dwelling is insured against all risks of direct physical loss, except for those that are specifically named as exclusions in the policy. This means that unless a peril is listed as excluded, it is covered.

Additionally, while the contents within the home are covered under the HO-3 form, these are usually covered on a named perils basis, which means specific risks are explicitly listed. The distinction between how the building and contents are covered is crucial.

This form is popular among homeowners because it provides comprehensive protection for the structure and a good level of security for personal belongings. The other forms, such as HO-2 and HO-5, have different coverage scopes, with HO-2 offering named perils for both the structure and contents and HO-5 providing open perils for contents but being typically used for higher-end homes. Understanding the nuances of these forms helps consumers choose the right level of protection for their needs.