what is the differences between H02, H03, & H05 policies?

The policies H02, H03, and H05 refer to different types of homeowner's insurance policies. These policies provide coverage for damages to the home, personal property, and liability protection.

• H02 Policy: The H02 policy is also known as the Broad Form Policy. It covers damages to the home and personal property against a set of named perils, which means the policy will pay for losses caused by events that are specifically listed in the policy. Some of the typical named perils in H02 policies include fire, lightning, windstorms, hail, smoke, and theft. This policy may not cover all risks and may require additional endorsements for specific coverage.
• H03 Policy: The H03 policy is also known as the Special Form Policy. This policy offers broader coverage than the H02 policy, as it provides protection for damages to the home and personal property against all perils, except those specifically excluded in the policy. Some common exclusions include flood, earthquake, and intentional damage. H03 policies typically provide more comprehensive coverage but may be more expensive than H02 policies.
• H05 Policy: The H05 policy is also known as the Comprehensive Form Policy. This policy provides the highest level of coverage for damages to the home and personal property, as it includes coverage for all perils unless they are specifically excluded in the policy. H05 policies typically provide the broadest protection for homeowners, including coverage for high-value items such as jewelry, artwork, and collectibles. H05 policies are the most expensive among the three policies due to the extensive coverage they offer.

In summary, the main difference between the H02, H03, and H05 policies lies in the level of coverage they offer. The H02 policy provides coverage for a set of named perils, while the H03 policy offers broader coverage for all perils except for those specifically excluded. The H05 policy provides the most comprehensive coverage and includes protection for all perils unless they are specifically excluded in the policy. The choice of policy depends on the level of protection required and the budget of the homeowner.