Understanding Standardized Homeowners Insurance Forms (H01-H08)

by 31 Jul 2012

It can be challenging for most people to understand the different homeowner’s insurance forms that are available to them. The language can look odd, the terms can sound confusing, and it’s extremely easy to misread any of the fine print. However, because all of the standard homeowner’s policies are now combined under one standard policy, it is now much easier to understand homeowners insurance.

As it stands today, there are different levels of coverage that are offered by 8 different types of homeowners insurance. Each type of policy aids in the coverage of certain events that may occur. To decide which homeowner’s insurance policy that you may need for your home, certain factors need to be considered, including what type of home you have and what type of protection you need.


This type of policy is typically known as a basic homeowner policy because it only offers basic coverage. Damage covered must fall under the list of ten perils that are provided. These perils include: fire or lightning, wind storm or hail, an explosion, a riot or civil commotion, aircraft, vehicles, smoke, vandalism, theft, or volcanic eruption. Despite these, homeowner’s personal liability insurance is not included. Because of this, if you are sued by a person who hurts themselves on your property, your insurance provided cannot cover the court costs or potential settlement. It is suggested that if you have a mortgage, you should not purchase a policy of this type as it does not provide adequate coverage.


This is sometimes known as a broad coverage policy. This policy will cover the house as well as any other structures on the property, such as a fence or detached garage. However, there is a limited list of perils that are covered. The benefit of this policy is that there are more perils listed than in an HO-1 policy and it includes homeowner’s personal liability coverage. There are 16 different perils, and along with the ones listed in an HO-1 policy include: Falling objects, weight of sleet, snow, or ice, accidental overflow of water, sudden and accidental tearing, cracking, bulging, or burning, freezing, and accidental damage by artificially generated electrical current.


This policy is often called a special form policy. It will insure your home along with any detached structures except for those specifically excluded within the policy. Homeowners must purchase this policy. Liability coverage is also included. The exclusion list of things not covered includes: Earth movement, power failure, neglect, war, or mold. There are many others.


This policy is specifically for renters. It is also known as the tenant homeowner’s policy and also as the Contents Broad Form Policy. It only covers the personal contents and personal liability of the tenant. Additional living expenses of the renter are also covered if something like displacement occurs.


This is known as one of the best policies for a homeowner. It is an “open perils policy,” which means that only perils that are not covered are listed. This policy provides the most extensive amount of coverage available. If your home or personal property is damaged by something outside of the exclusion list, you are covered.


This type of policy covers a condominium owner that wants to insure items not covered by the association policy along with any personal property inside of the unit. This policy primarily focuses on the property’s personal contents. Liability insurance is also covered. It also covers against the sixteen different named perils.


This is known as the older homeowner policy. This insurance is specifically for a homeowner that has a house where rebuilding the home costs more than the current market value. This is also a named perils policy where the owner’s home is protected under 10 different perils.


Karl Stockton writes on finance, real estate, investment and current events. This article was penned for Insurance Swami; contact them to learn about their great policy information.


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