Homeowners insurance policies come in various forms, each tailored to different types of homes and coverage needs.

Here are 10 common types:

HO-1: Basic Form

Coverage: Provides limited coverage, typically for 10 specific perils such as fire, theft, and vandalism.

Exclusions: Does not cover things like falling objects or water damage from plumbing.

HO-2: Broad Form

Coverage: A step up from HO-1, covering additional perils like falling objects, weight of snow/ice, and accidental discharge of water.

Exclusions: Still limited compared to more comprehensive policies, covering only named perils.

HO-3: Special Form

Coverage: The most common type of homeowners insurance. It provides coverage for all perils except those specifically excluded (e.g., earthquakes, floods).

Exclusions: Typically excludes floods, earthquakes, and wear and tear.

HO-4: Tenant’s Form (Renter’s Insurance)

Coverage: Designed for renters, it covers personal property and liability but not the structure itself.

Exclusions: Does not cover the building or dwelling itself, which is the landlord’s responsibility.

HO-5: Comprehensive Form

Coverage: Provides the most extensive coverage, protecting the dwelling, other structures, and personal property against all perils except those specifically excluded.

Exclusions: Similar exclusions as HO-3 but with broader coverage for personal property.

HO-6: Condo Insurance

Coverage: Designed for condo owners, it covers personal property, liability, and the interior structure (walls, floors) not covered by the condo association’s policy.

Exclusions: Typically excludes the building structure, which is covered by the condo association’s master policy.

HO-7: Mobile Home Insurance

Coverage: Tailored for mobile or manufactured homes, it provides similar coverage to an HO-3 policy.

Exclusions: Often excludes flood or earthquake coverage.

HO-8: Older Home Insurance

Coverage: Designed for older homes, it provides coverage based on the actual cash value rather than replacement cost, which might be more suitable for homes with a higher replacement cost than market value.

Exclusions: Limited in terms of the perils covered, similar to an HO-1 or HO-2 policy.

DP-1: Dwelling Fire Form 1

Coverage: Basic coverage typically used for rental properties or vacation homes. Covers specific named perils like fire, vandalism, and windstorms.

Exclusions: Does not cover personal property unless specifically added.

DP-3: Dwelling Fire Form 3

Coverage: Provides broader coverage than DP-1, including protection for the dwelling against all perils except those explicitly excluded.

Exclusions: Like HO-3, excludes floods, earthquakes, and normal wear and tear.

These policies cater to different needs, from basic protection for homeowners to specialised coverage for renters, condo owners, and mobile home residents.