What type of policy is the HO-3 considered?

The HO-3 policy, known as the Special Form for Owner Occupied dwellings, provides a comprehensive package of coverage that is specifically designed for homeowners. This policy covers the structure of the home against a wide range of perils, typically including all risks except those specifically excluded in the policy. This means that the homeowner is provided with substantial protection for their property against both common and uncommon risks that may occur.

Additionally, the HO-3 policy usually includes liability coverage, which protects the insured against legal claims due to bodily injury or property damage that occurs on the property. The owner's personal possessions are also typically covered with named-peril protection, though this coverage may vary.

In contrast, other policy forms mentioned do not apply in the same manner. The comprehensive form for renters and the tenant-specific HO-4 policy (often referred to as renters insurance) focus on personal property without contributing to the structure itself, making them different from the HO-3 which is targeted at homeowners. The modified form for commercial properties does not pertain to residential insurance at all and therefore does not fit with the HO-3 designation. Thus, defining the HO-3 as the Special Form for Owner Occupied dwellings is accurate and reflects its specific role in protecting homeowners.