An HO-3 Policy is a type of homeowners insurance that provides coverage for your home and personal belongings. It typically protects against a wide range of risks, including damage from fire, theft, and certain natural disasters. This policy is designed for single-family homes and is one of the most common types of homeowners insurance. Unlike some other policies, the HO-3 Policy offers "open perils" coverage for the structure of your home, meaning it covers all risks except those specifically excluded. However, personal property is usually covered on a "named perils" basis, which means only specific risks are included.