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HO-3 vs. HE-7: Which Homeowners Policy is Right for You?

Understanding the differences between an HO-3 and HE-7 homeowners insurance policy is essential when choosing the right coverage for your home in North Carolina. While both policies offer protection for your property, they differ in the extent of coverage and exclusions. See the chart below to see some ways how these policies differ.

ERIE HO-3 vs. HO-7 Coverage Comparison
Coverage Highlights HO 00 03 (Ed. 10/00) Special Form HE 07 21 (Ed. 1/04)-Extended Coverage
Section I – Dwelling Replacement Cost Comprehensive Perils Guaranteed Replacement Cost Comprehensive Perils
Section I – Other Structures 10% Coverage A Comprehensive Perils 20% Coverage A Comprehensive Perils
Section I – Contents and Special Limitations ACV**, Named Perils, 50% of Coverage A; 70% if RCV*** Endorsement is added RCV***, Comprehensive Perils, 70% of Coverage A
Money $200 $1,000
Securities $1,500 $5,500
Watercraft $1,500 $2,500
Trailers $1,500 $3,500
Business Property On and Off Premises $2,500/$500 $5,000/$1,500
Theft of Jewelry $3,000 $1,500/item, $5,500 Per loss*
Theft of Firearms 10% of Coverage C up to $10,000 $10,000*
Theft of Silverware 25% of Coverage C up to $10,000 $10,000*
Credit & Debit Card; Counterfeit Money $500 $5,000
Loss of Use 20% of Coverage A; Increased Living Expenses; Fair Rental Value; Comprehensive Perils 20% of Coverage A; Increased Living Expenses; Fair Rental Value; Primary Mortgage Expense; Comprehensive Perils
Section I
Ordinance or Law 10% of Coverage A Up to the Coverage A Limit of Liability
Collapse Included Included
Fungi, Bacteria, Rot $5,000 $5,000
Loss Assessment $1,000 $5,000
Land Replacement and Restabilization Excluded $10,000
Debris Removal Reasonable Expense Reasonable Expense
Trees/Plants 5% of Coverage A; $500 per item; limited, named perils 5% of Coverage A; $1,000 per item; limited, named perils
Fire Dept. Charges $500 $1,000
Refrigerated Goods $500 $500
Sewer Back-up None $50,000
Grave Markers $5,000 $5,000
Lock Replacement None $500
Fraud Information Reward/Theft Information Reward None $2,500/$5,000
Section II
Personal Liability BI and PD $100,000 Minimum BI and PD plus Personal Injury $100,000 Minimum
Medical Payments $1,000 Minimum $1,000 Minimum
Damage To Property Of Others $1,000 $1,500
Loss Assessment $1,000 $5,000

$ Amounts are all preceded by “up to”; *includes misplacing and losing; **ACV means actual cash value (replacement cost minus depreciation); ***RCV means replacement cost; comprehensive means that causes of loss are subject to the policy exclusions and any internal policy limits.

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