Introduction: Why the Status Quo of Home Insurance is Broken
Openly Insurance: For decades, the homeowners insurance industry has remained stagnant. Most legacy carriers use outdated “named peril” forms, complicated underwriting processes that take days to complete, and restrictive “one-size-fits-all” mentalities.
As an independent agency, we realized our clients deserved better. That is why we are proud to work with Openly. Openly isn’t just another insurance company; it is a technology-driven MGA that has completely re-engineered the homeowners policy. By combining sophisticated data science with a “comprehensive-first” philosophy, Openly allows us to offer coverage that was previously reserved only for high-net-worth individuals.
The Openly Difference: HO-5 vs. HO-3
To understand why Openly is superior, you have to understand the “contract language.” Most homeowners in the U.S. are insured on an HO-3 policy.
The HO-3 (The Standard)
An HO-3 policy covers your home for “named perils.” This means if a disaster isn’t explicitly listed in the policy—like fire, lightning, or wind—it isn’t covered. The burden of proof is on you, the homeowner, to prove the damage was caused by a covered event.
The HO-5 (The Openly Standard)
Openly defaults to the HO-5 form, the highest tier of protection available. This is an “Open Peril” policy. Instead of listing what is covered, it covers everything unless it is specifically excluded (like nuclear war or intentional acts).
- The Burden of Proof: On an HO-5, the burden shifts to the insurance company. If they can’t prove an exclusion applies, the claim is paid.
- Contents Coverage: Unlike standard policies that cover your belongings (furniture, clothes, electronics) on a “named peril” basis, Openly extends “open peril” protection to your personal property as well.
Unrivaled Coverage: Guaranteed Replacement Cost
One of the most stressful aspects of a total loss (like a house fire) is the “limit of liability.” If your home is insured for $500,000, but inflation and labor shortages drive the rebuild cost to $650,000, most companies leave you with a $150,000 bill.
Openly’s Solution: They offer Guaranteed Replacement Cost up to $5 Million. If your home is a total loss, Openly will pay to rebuild it to its original specs, even if the cost exceeds the limit on your policy. In a volatile real estate market, this is the single most important “sleep-well-at-night” feature you can have.
Flexible Living Arrangements: Short-Term Rentals & Airbnbs
The modern homeowner often uses their property for income. Most traditional carriers will cancel your policy if they find out you are listing your home on Airbnb or Vrbo.
Openly was built for the modern economy. They offer a seamless Short-Term Rental Endorsement.
- No “Business” Exclusions: You don’t have to worry about a guest’s slip-and-fall being denied because it was a “commercial use.”
- Theft Coverage: Standard policies often exclude theft by a “tenant.” Openly’s endorsement can be tailored to protect your property even when guests are present.
The “Hard-to-Place” Wins: Dog Breeds and Trampolines
Many carriers have “ineligible lists” that feel arbitrary. If you own a certain breed of dog (like a German Shepherd or Pit Bull) or have a trampoline with a safety net, many companies will refuse to write your policy or exclude liability entirely.
Openly takes a common-sense approach. They do not have a prohibited dog breed list. They believe in underwriting the person, not the breed. This makes them a premier choice for animal lovers and families.
Innovative Endorsements: Beyond the Basics
When we “beef up” your policy with Openly, we look at these specialized add-ons:
1. Equipment Breakdown Coverage
Modern homes are filled with expensive tech: high-efficiency HVAC systems, smart refrigerators, and home theater setups. For a small annual fee, Openly covers the mechanical or electrical breakdown of these systems—something a standard home policy never touches.
2. Personal Cyber & Identity Theft
In an era of digital vulnerability, Openly provides robust protection against cyber-attacks, data breaches, and identity theft. This includes professional assistance in restoring your credit and covering financial losses from fraud.
3. Service Line Coverage
Did you know you are responsible for the pipes and wires running from the street to your house? If a tree root crushes your sewer line, the city won’t fix it—and most insurance companies won’t either. Openly offers coverage for these underground service lines.
Frequently Asked Questions About Openly Insurance
1. What is “Guaranteed Replacement Cost,” and why is it better than standard coverage?
Most standard home insurance policies include “Replacement Cost,” but they often cap that amount at 125% or 150% of your policy limit. In today’s economy, where lumber prices can skyrocket and labor shortages are common, a major catastrophe could easily push rebuild costs past those caps.
The Openly Difference: Openly offers Guaranteed Replacement Cost up to $5 Million. This means if your home is destroyed by a covered peril, Openly will pay the actual cost to rebuild your home to its original quality, even if that cost is double your policy limit. It effectively removes the “inflation risk” from the homeowner.
2. I’ve heard most policies are “HO-3.” What makes Openly’s “HO-5” policy different?
The industry standard is the HO-3 policy, which covers your home for “named perils” (only what is specifically listed in the fine print). If something happens that isn’t on that list, you aren’t covered.
The Openly Difference: Openly uses the HO-5 form, which is an “Open Perils” policy. This is the broadest coverage available. It covers every type of damage unless it is specifically excluded in the contract. This shifts the “burden of proof” from you to the insurance company, providing much higher levels of protection for both your dwelling and your personal belongings.
3. Does Openly have a “restricted dog breed” list?
Many traditional carriers will refuse to insure you—or will exclude liability coverage—if you own certain breeds like Pit Bulls, German Shepherds, or Rottweilers. This can leave families in a difficult position of choosing between their pet and their home protection.
The Openly Difference: Openly does not have a prohibited dog breed list. They believe in a common-sense approach to underwriting. As long as your dog doesn’t have a history of biting or aggression, they don’t care about the breed. This makes Openly one of the most pet-friendly carriers in the independent market.
4. Can I use my home for Airbnb or Vrbo with an Openly policy?
The “Sharing Economy” has outpaced many legacy insurance companies. If you rent out your home on a short-term basis, many standard policies will deny claims or even cancel your coverage because it is considered a “business use.”
The Openly Difference: Openly was built for the modern homeowner. They offer a specific Short-Term Rental Endorsement that allows you to list your primary or secondary home on platforms like Airbnb and Vrbo without losing your protection. It covers theft by tenants and provides liability for guest injuries, which platform-provided insurance (like AirCover) often makes difficult to claim.
5. How does Openly handle “Smart Home” technology and high-end appliances?
Modern homes are full of complex systems: high-efficiency HVAC units, smart refrigerators, and home automation hubs. A standard policy covers these for fire or wind, but it won’t cover them for mechanical or electrical breakdown—and most manufacturer warranties expire quickly.
The Openly Difference: Openly offers an Equipment Breakdown Endorsement. For a small annual fee, this covers the “internal” failure of home systems. If your $8,000 HVAC compressor burns out its motor, or your smart-fridge’s circuit board fries, Openly helps cover the repair or replacement costs.
6. Is Openly a “stable” company? How do I know they can pay my claim?
It’s natural to be cautious of “new” names in insurance. However, “new” in the tech world doesn’t mean “unfunded.”
The Openly Difference: Openly is a Managing General Agent (MGA) backed by massive, globally recognized insurance partners like Rock Ridge Insurance Company and MS Transverse. These partners are rated “A-” (Excellent) by AM Best, the gold standard for financial strength in the insurance industry. This means your policy has the financial backing of billions in capital.
7. What is “Service Line Coverage,” and do I really need it?
Most homeowners don’t realize they are responsible for the utility lines (water, sewer, power) that run from the street to their house. If a tree root crushes your sewer line or a pipe bursts under your driveway, the city won’t pay for it, and a standard home policy excludes it.
The Openly Difference: Openly offers Service Line Coverage as an affordable add-on. This covers the excavation and repair costs associated with failures of underground utility lines. Given that these repairs often cost $5,000–$15,000, this is one of the most high-value endorsements you can add.
8. How does Openly’s quoting process work compared to others?
Traditional insurance quotes require 50+ questions: When was the roof replaced? What is the square footage? How far is the nearest fire hydrant? It often takes 20 minutes just to get a “maybe.”
The Openly Difference: Openly uses advanced data science and high-resolution satellite imagery to “pre-fill” your home’s details. In many cases, we only need your Name, Date of Birth, and Address to generate a bindable quote in seconds. It’s a seamless, modern experience that respects your time.
9. Can I cover my jewelry and fine art without a separate policy?
Standard policies have very low sub-limits for “theft of jewelry”—usually only $1,500 to $2,500. If you have a $10,000 engagement ring, you’re significantly underinsured.
The Openly Difference: Openly provides Blanket Personal Property limits that are often much higher than the competition. For truly high-value items, we can easily “schedule” them onto your policy, providing world-wide coverage with no deductible for those specific items.
10. What should I expect from the Openly claims process?
Insurance is only as good as the claims experience. Traditional companies are often slow, requiring multiple visits from adjusters and weeks of paperwork.
The Openly Difference: Openly prides itself on tech-enabled claims. Many minor claims can be handled via virtual inspections (using your smartphone camera), and most policyholders are contacted by a dedicated adjuster within 24 hours of filing. They prioritize speed and transparency, so you aren’t left wondering when your home will be repaired.