Well, it depends on your situation. Naturally, since ‘open perils’ policies provide more comprehensive coverage, you’ll have to pay the price for that extra piece of mind. It’s all about tradeoffs.
If you have a new home with a high value in a low-risk area, we suggest asking your insurer about an HO5 policy. It may have a price comparable to an HO3 policy. Otherwise, your basic HO3 policy should do the trick.
Pro tip: Don’t forget to double check the limits of liability in regard to “named perils” versus “open perils,” so you can understand exactly what you’re getting coverage for.