What does Homeowners Policy Special Form 3 mean? Read on to discover the definition & meaning of the term Homeowners Policy Special Form 3 - to help you better understand the language used in insurance policies.
Homeowners Policy Special Form 3
Part of the Insurance Services Office, Inc. (ISO), homeowners forms portfolio, the HO 3 insures the described owner-occupied dwelling, private structures in connection with the dwelling, unscheduled personal property on and away from the premises, and loss of use. Personal liability coverage and medical payments coverage are also provided by this policy. Coverage of the dwelling, related structures, and scheduled personal property is on an all risks basis, while coverage of unscheduled personal property is on a broad named perils basis. Losses to the dwelling and other structures are paid on a replacement cost basis, with no deduction for depreciation if certain conditions apply. Losses to personal property are paid on an actual cash value (ACV) basis, unless amended by endorsement.
We hope the you have a better understanding of the meaning of Homeowners Policy Special Form 3.