o HO-1 – Basic Form: The HO-1 is the basic core policy. It covers the dwelling and
personal property only from losses caused by a specific list of perils: fire or lightning,
windstorm or hail, explosion, riot or civil commotion, aircraft, vehicles, smoke,
vandalism and malicious mischief, theft, breakage of glass constituting a part of the
building and volcanic eruption.
o HO-2 – Broad Form: The HO-2 form adds more potential risks including damage
from falling objects, such as trees, and damage from water caused by the accidental
overflow from plumbing, heating, air-conditioning or other household appliances.
o HO-3 – Special Form: The HO-3 is an extended or special homeowners’ insurance
policy form. This policy form is the most popular of all homeowners’ forms, as it offers
a broad range of coverage. This form is a mixture of an open perils policy and named
perils policy. This means that your home will be covered for almost every peril, except
those perils specifically excluded; while your contents are covered for the same perils
as provided under an HO-2.
o HO-4 – Renters’ Insurance Form: The HO-4 is the renters’ insurance policy form.
This policy will cover damage to a renter’s personal property up to a stated amount
for the same perils as the HO-2 form. There is no coverage for the dwelling, as that
would be insured by the owner or landlord. If you rent an apartment or a house, you
also need to consider protecting your liability exposure. This protection is available for
an additional premium. Liability coverage protects renters the same as it would if you
were a homeowner. Like homeowners’ insurance, the HO-4 provides coverage for
additional living expenses.
o HO-5 – Open Perils Form: This policy generally provides the broadest coverage
available, but it is not offered by all companies. The HO-5 insurance is an open peril
policy on both the dwelling and the contents. This means coverage will be provided
on both your home and personal property for almost every peril, providing it is not
specifically excluded. Because of the depth of the coverage provided, this policy form
usually costs more.
o HO-6 – Condominium Unit-Owners Form: The HO-6 will cover a unit-owner who
wishes to insure his or her property or to cover any items not insured by the
association’s policy. A unit-owner policy will pay for property damage to personal
belongings, wall, floor, and ceiling coverings, and any accessories not originally
installed in the unit for the same perils as the HO-3 form. It also provides personal
liability protection. An individual unit-owner policy is similar to homeowners’ insurance
and renters’ insurance.
Your condominium association should purchase a policy that covers the building,
including any common walls and grounds, and liability associated with common
properties. You have a right to examine the association policy.
o HO-8 – Modified Coverage Form: The HO-8 policy is typically written to insure
older homes or properties that qualify as registered landmarks or architecturally
significant structures. Although this policy does insure the dwelling structure and
personal property from the specific perils named on the HO-1 form, the HO-8 form will
cover only the cost of repairs or actual cash values and not the rebuilding costs.