The following descriptions and definitions will give you a better understanding of your homeowners policy.
Basic Form Homeowner Policy - HO1
A basic policy form that provides coverage on a home against 11 listed perils; contents are generally included in this type of coverage, but must be explicitly enumerated. The perils include fire or lightning, windstorm or hail, vandalism or malicious mischief, theft, damage from vehicles and aircraft, explosion riot or civil commotion, glass breakage, smoke, volcanic eruption, and personal liability. Exceptions include floods, earthquakes.
Broad Form Homeowner Policy - HO2
A more advanced form that provides coverage on a home against 17 listed perils (including all 11 on the HO1). The coverage is usually a "named perils" policy, which lists the events that would be covered.
Special Form Homeowner Policy - HO3
The typical, most comprehensive form used for single family homes. The policy provides "all risk" coverage on the home with some perils excluded, such as earthquake and flood. Contents are covered on a named peril basis. (Note: "All Risk" is poorly termed as it is essentially named exclusions (ie, if it is not specifically excluded, it is covered))
Renter's Insurance - HO4
The “Tenants” form is for renters. It covers personal property against the same perils as the contents portion of the HO2 or HO3.
Premier Homeowner Policy - HO5
Covers the same as HO3 plus more (can also be achieved by endorsing an HO15 to the HO3)
Condominium Insurance Policy - HO6
The form for condominium owners.
Older Houses - HO7
The “Modified Coverage” form is for the owner occupied older home whose replacement cost far exceeds the property’s market value.
Find more information to common questions about home insurance here on our website, or contact us to speak with a knowledgeable Avery insurance agent.