As a note, flooding is NOT covered under a homeowners insurance policy. These are coverages under typical policies. Make sure to read your policy for specific coverages and/or exclusions.
Broad Form (HO-2)
With a broad form policy, your home is protected from:
- Physical structure of your home at replacement cost value
- Unattached structures at their replacement cost value
- Personal property at actual cash value
- Additional living expenses
- Liability
- Medical payments to others
Six additional perils are also named under a broad form policy:
- Weight of ice, snow, or sleet
- Freezing, rupture, or accidental overflow of plumbing, heater, AC, or fire-sprinkler system or a household appliance
Special Form (HO-3)
This is the most common insurance form type and covers:
- Physical structure of your home
- Other structures on your property
- Personal belongings (only for named perils)
- Additional living expenses
- Personal liability
- Medical payments to others
This insures your property against all perils except ones the policy specifically names as not covered (including flood and earthquake).
Renter's Insurance (HO-4)
Renter's insurance is purchased for someone who does not own the property they live on but rent. This policy does not include dwelling coverage for the physical structure of the home but covers the same perils as a broad or special form for personal belongings. Typically, these belongings are covered at their replacement cost. Check with your insurance company to make sure. Renter's insurance also has liability coverage and additional living expenses coverage if you need to live somewhere else after your apartment is damaged.
Comprehensive Form (HO-5)
The comprehensive form provides the highest level of coverage for single-family homes. This policy covers all perils for dwelling and personal property except for ones specifically excluded in your policy. The higher coverage usually means a higher premium. Companies may offer higher coverage limits, open perils for personal property, and replace dwelling and contents at replacement cost value. There may be some restrictions on which homes are eligible for this coverage. Talk with your insurance agent or company.
Condominium Insurance (HO-6)
Condo insurance generally covers the same as renter's insurance when it comes to personal belongings, covering the same perils as a broad or special form. In addition to personal property and liability, condo insurance also covers interior structures in the residence.
Mobile Home Insurance (HO-7)
This insurance is specifically designed for mobile homes. This is similar to an HO-3 policy and will cover perils for a home while it is stationary not in transit.
Modified Coverage Form (HO-8)
Modified Coverage Form is used for older, outdated homes that do not meet standards of other types of coverage. This means the home is at a high risk of loss or damage or has a replacement cost higher than the cash value of the home.
