What is a common feature of HO-2, HO-3, and HO-5 policies?

The correct answer is that HO-2, HO-3, and HO-5 policies all cover the dwelling structure. This is an essential feature of these homeowners insurance policies, which are designed to provide coverage for the physical structure of the home itself.

HO-2, also known as the Broad Form policy, typically covers a specific list of risks to the dwelling, while HO-3, the most common type of homeowners insurance, offers open perils coverage for the dwelling, meaning it covers all risks except those explicitly excluded. HO-5 policies, known as Comprehensive Form policies, provide the most extensive coverage by insuring the dwelling on an open perils basis as well, similar to HO-3, but also provide more coverage for personal property.

The reasoning behind this is that homeowners insurance is fundamentally designed to protect the investment in the physical structure of the home from various types of risks, including fire, wind, and other hazards. This common feature ensures that homeowners can recover financially from damage to the dwelling, making it a critical aspect of the insurance coverage provided by these policies.

Options regarding personal liability and additional living expenses pertain to different aspects of coverage that may not apply to all three types of policies. Personal property coverage varies between these