HO-1 is classified as which type of homeowners insurance form?

HO-1, or Homeowners 1, is classified as a Basic Form of homeowners insurance. This type of policy provides coverage for a limited number of named perils, which include specific risks outlined in the policy. Typically, these perils cover fundamental threats such as fire, lightning, theft, and certain types of water damage.

The Basic Form is structured to offer minimal coverage, making it suitable for homeowners who want basic protection for their property. It generally covers the dwelling and personal property against the named perils, emphasizing that compensation is only provided when the loss falls under these explicitly listed categories.

This contrasts with broader forms, like Broad or Special Forms, which cover a wider range of risks or provide more comprehensive protection. Understanding these distinctions helps homeowners choose the right level of coverage based on their needs and the risks associated with their properties.