Your home insurance policy type will determine whether or not your dwelling and personal property are covered on a named or open peril basis. Generally, perils are covered as: The policy you ...

DP-2: Provides replacement cost or actual cash value coverage and adds additional perils, such as wind, hail, vandalism and damage from burglary. — DP-3: Often called “open peril” coverage ...

Unlike HO-1 and HO-2, which only provide coverage for specific, named perils, HO-3 home insurance policies cover your dwelling and other structures on your property under open perils coverage.