The HO-3 form is a good policy for first-time buyers because it is a named perils policy.

Question

Quizplus · Accepted Answer

The HO-3 form is not a named perils policy. It is actually a combination of named perils and open perils coverage, where named perils coverage applies to specific risks listed in the policy and open perils coverage applies to any risks not specifically excluded in the policy. While some first-time buyers may choose the HO-3 form, it is not necessarily the best option for everyone and should be selected based on individual needs and circumstances.

The HO-3 Form Is a Good Policy for First-Time Buyers