An HO-5 policy is a type of homeowners insurance that provides comprehensive coverage for both the structure of a home and the personal belongings inside it. This policy typically covers a wide range of risks, including damage from fire, theft, and certain natural disasters. Unlike some other policies, an HO-5 offers "open perils" coverage, meaning it protects against all risks unless specifically excluded. In addition to covering the home and personal property, an HO-5 policy often includes liability protection, which helps cover legal costs if someone is injured on the property. This makes it a popular choice for homeowners seeking extensive protection for their assets and peace of mind.