The Homeowners 3 policy form is referred to as an all-risk or open peril policy, covering your home from perils such as fire, lightning, theft and wind. The HO3 policy also includes coverage for your personal property and other structures associated with your home, as well as temporary provisions when your home is not livable. Personal liability and medical payments to others are also included. Ask your insurance representative about any optional coverages you may want to add. Carefully read the policy to determine what is covered and what is not, as well as your responsibilities in the event of a loss.