Homeowners Coverage
The forms
Homeowners forms are packaged: property in Section I (Coverages A dwelling, B other structures, C personal property, D loss of use) and liability in Section II (Coverage E personal liability, Coverage F medical payments to others). HO-2 is broad named peril, HO-3 is special (open peril on the dwelling, named peril on personal property), HO-5 is comprehensive (open peril on both), HO-4 is renters (no building coverage), HO-6 is condominium (covers building items), and HO-8 is modified for older homes, often using functional replacement cost.
Usual internal limits are 10% of Coverage A for other structures, 50% for personal property, and 30% for loss of use, all adjustable. Section II liability follows the insured worldwide; medical payments to others is no-fault and modest, commonly $5,000.
Traps
Special limits apply to money, jewelry theft, silverware theft, firearms theft, business property, and similar categories - the per-category cap overrides the Coverage C limit. Standard exclusions include earth movement, flood and surface water, sewer backup unless endorsed, ordinance or law, intentional loss, neglect, business pursuits, and vacancy beyond 60 days. Loss of use pays increased living costs plus fair rental value for rented portions.
Worked example: Coverage A is $400,000. Other structures default to $40,000, personal property to $200,000, and loss of use to $120,000 unless endorsed otherwise.
Rule of thumb: with an HO-3, think open peril for the building and named peril for the belongings.