Describe each of the six HO packaged policies. Which one is the most common?
What will be an ideal response?
Answer: HO-1 is the basic form. It provides very narrow coverage and is the least expensive.
HO-2 is the broad form of coverage and protects against named perils. It is more extensive than HO-1.
HO-3, the special form, has the advantage of insuring against open perils, meaning it covers many perils not specifically mentioned in the policy. It is the costliest of the three thus far mentioned.
HO-6 covers condo and co-op owners. It insures like renter's insurance plus it covers structural improvements and alterations.
HO-8 is modified coverage for older homes with expensive replacement costs.
HO-4 is renter's insurance that provides protection for personal property, liability, and loss of use only.
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