|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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