New York

HO3 – Homeowners Policy

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.

DP3 – Dwelling Fire Policy

The Dwelling Property 3 policy form is designed for seasonal, secondary or rental properties.  The DP3 policy covers up to four family units.  Since there is likely less need for extensive coverage of personal property items, as with a Homeowners 3 policy, the format allows you to save money by allowing you to only purchase the coverages you need.  Consult your insurance representative about additional coverages for attached structures, personal property and loss of rent, until reasonably repaired, as well as other optional coverages you may require.  Carefully read the policy to determine what is covered and what is not, as well as your responsibilities in the event of a loss.