Homeowners Policy Basic Form 1 (HO 1) (2024)

FAQs

What is the basic form HO 1? ›

The Homeowners Policy Basic Form 1 (HO 1) provides basic named perils coverage for direct damage to property, personal liability coverage, and medical payments to others coverage.

HO-1 policies are the most basic form of homeowners' insurance. HO-1 is a named peril plan, so anything that happens outside of the perils specifically named in the policy is not covered.

HO-1 polices are the most basic type of home insurance, offering limited coverage, and not available in most states. Your home's structure will be protected against eleven specified perils, such as fire, lightning, windstorms and hail, but you won't have liability or personal property coverage.

HO-3. The most common type of homeowners insurance is the HO-3 policy, which covers your home, your personal property, liability, additional living expenses and medical payments.

Basic form insurance is the most limited type of commercial property insurance coverage. It typically covers damage or loss caused by specific perils, such as fire, lightning, windstorm, hail, explosion, and vandalism.

HO-1 policies do not include personal property or liability coverage and have a short list of covered perils.

An HO-1 insurance policy is the most basic form of homeowners coverage. It protects the physical structure of a home from circ*mstances specifically listed on the policy. An HO-1 home insurance policy does not provide coverage for liability, personal belongings, or additional living expenses — only the dwelling itself.

Well, homeowners insurance helps protect you, your home and your belongings from all sorts of unexpected events. And with a standard policy you'll get four key types of coverage: dwelling, other structures, personal property and liability.

The most important part of homeowners insurance is the level of coverage. Avoid paying for more than you need.

Homeowners insurance doesn't cover floods, earthquakes, typical wear and tear, and damage due to insufficient maintenance. You can usually add flood and earthquake coverage to your policy for an additional fee, but wear and tear and damage from a lack of maintenance are considered preventable.

What are the 3 basic levels of coverage that exist for homeowners insurance? ›

In addition to covering the structure of the home, DP1 also covers other structures (like garages, sheds, fences, etc.), personal property, and the fair rental value of the building.

Also known as basic form homeowners insurance, the HO-1 provides bare-bones coverage. An HO-1 policy will pay out only if one (or more) of 10 specific perils damages your home: Fire or lightning. Windstorm or hail.

In most states, earthquakes, sinkholes, and other earth movements are not covered by your standard policy.

HO1 Policy – Basic Coverage: This covers an owner-occupied standalone home against 10 named perils. HO2 Policy – Broad Coverage: This can cover the home against 16 named perils. HO3 Policy – Special Coverage: This is the most common type of homeowners insurance.

An HO2 policy is another basic homeowners insurance policy. It covers the 10 perils listed on an HO1 policy, and some additional perils, including falling objects, and weight of snow, sleet, or ice. In total, it covers 16 perils. The HO2 provides more protection than the HO1, but not as much as an HO3.

HO1 policy also called the basic form, is a bare-bones type of homeowners insurance. It lists the specific perils, or events, your insurance provider covers. If a peril is not explicitly listed in the policy, it is not covered by HO1.

In an HO2 policy, only perils listed in the policy are covered. In an HO3 policy, all perils are covered except for the exclusions listed in the policy. An HO2 is often called a “broad form policy,” whereas an HO3 is often called a “special form policy.”