Policy form Generally known as Used for Characterized by

HO-1

    Basic Form             

Camps, homes with  no interior plumbing, no central heat, etc.

"Basic Perils": limited coverage (fire and lightning, with vandalism at an additional cost). Rarely used.

HO-2

   Broad Form   

Similar to HO-1, on camps, unimproved older homes

Named Perils on Dwelling and Contents; not commonly used.

HO-3

   Special Form

Most commonly purchased home insurance, generally the minimum required by lenders for new home purchase

"Open Perils" on Dwelling (the house); "Named Perils" on Contents (your stuff):   Many additional coverages may be added by endorsement (such as "replacement cost" treatment, personal injury, and others).

HO-4

 Tenants policy

Tenants, apartment renters

No coverage for building (that's the landlord's responsibility), just Contents and Liability protection.

HO-5

Special Form

Newer, preferred homes, offered selectively by a few companies. Great if it's available

"Open Perils" on Dwelling; "Open Perils" on Contents,   replacement cost coverage, higher limits on jewelry, silverware, etc., plus broader liability protection.

HO-6

Condo policy

Condominium owners

Coverage on personal property as with HO-4, but also can include coverage for building (e.g. interior walls, build-outs), and other condo owners' needs.


A typical homeowners policy (HO-3 & HO-5) has the following coverage structure included automatically: (this illustration assumes a house that would cost $200,000 to rebuild new)

Coverage Insures your: General description Example (on $200,000 home policy)

Coverage A

Dwelling / House

This is the limit of insurance on the actual dwelling. 

$200,000

Coverage B

Other Structures

For sheds, barns, detached garages, in-ground swimming pools, etc.

$20,000 (usually 10% of the Coverage A amount)

Coverage C

Personal Property

Property not part of the structure: e.g. furniture, clothes, appliances, etc

$100,000 (usually 50%, occasionally 70% of Coverage A amount)

Coverage D

Loss of Use

For your living expenses over and above your normal living expenses if your home is made uninhabitable (by insured loss such as a fire).

$40,000 (usually 20% of Coverage A amount)

Coverage E

Personal Liability

If you get sued, bodily injury & property damage; non-auto related.

$500,000 common, but limits of $100,000, $300,000 and $1,000,000 also available

Coverage F

Medical Payments

Payable to injured guest without regard to your liability or negligence.

$1,000 common, but higher limits ($2,000 - $5,000 ) also available