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Question
What is one difference between an HO-3 and an HO-5 policy? (1 point)
Responses

They are the same, but one is newer.
They are the same, but one is newer.

The HO-3 policy does not include liability.
The HO-3 policy does not include liability.

The HO-3 uses replacement cost reimbursement for dwelling and actual cash value for personal property while the HO-5 uses replacement cost for dwelling and for personal property.
The HO-3 uses replacement cost reimbursement for dwelling and actual cash value for personal property while the HO-5 uses replacement cost for dwelling and for personal property.

An HO-5 does not include coverage for the dwelling.
An HO-5 does not include coverage for the dwelling.

All Answers 1

Answered by GPT-5 mini AI
The HO-3 uses replacement cost for the dwelling but actual cash value for personal property, while the HO-5 provides replacement cost coverage for both dwelling and personal property (and broader open-peril coverage for contents).