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 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
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