Which policy offers broader coverage than a standard homeowners policy?

The Special Form Policy, known as HO-3, offers broader coverage than a standard homeowners policy because it typically provides open perils coverage for the dwelling and named perils coverage for personal property. This means that the policy covers all types of risks except for those specifically excluded, which is advantageous for homeowners looking for extensive protection against various forms of loss.

In contrast, the Basic Form Policy (HO-1) and the Broad Form Policy (HO-2) provide more limited coverage. The Basic Form is particularly restrictive as it covers only certain perils explicitly named in the policy, while the Broad Form includes more perils than the Basic but still does not match the comprehensive protection of the HO-3. The Comprehensive Form Policy (HO-5) does indeed offer comprehensive coverage but is more elaborate in nature, including coverage for both the dwelling and personal property on an open perils basis as well.

Thus, the HO-3 Policy stands out for its balance of coverage and protection, making it a popular choice for homeowners compared to the more limited options.