The short answer
Open perils (HO-3/HO-5 in the US) cover any cause of loss not explicitly excluded — broader. Named perils only cover causes listed in the policy — narrower and usually cheaper.
How to tell which you have
Look at the structure cover wording. 'All risks of physical loss except those excluded' = open. A specific bulleted list = named.
Frequently asked
- Which is better for contents?
- Open perils, if you can afford the premium. Named misses many real-world losses.
- Is HO-5 worth the upgrade from HO-3?
- Often yes — it extends open-perils cover to contents (HO-3 only covers structure that way).
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