For simplicity’s sake we will simply refer to HO 0003. Please note that the forms, as of this writing, have not been approved in all jurisdictions, so check with your insurers to see if the forms are in use.

Topics covered:

Introduction

Definitions

Principal property coverages

Incidental property coverages

Perils insured against—coverages A and B

Perils insured against—coverage C

Exclusions that apply to property coverages

Introduction

As discussed in another article AAIS Homeowners Program, there are seven coverage forms in the homeowners program. Forms HO 0001 and HO 0008 are limited as to coverage, and are used for the insured who either does not wish, or is not eligible for, the broader coverage provided by the other forms. Form HO 0004 may be used for the tenant homeowner, or for the co-owner of a two- to four-family dwelling. Form HO 0006 is used for a co-operative apartment or for a condominium insured. Form HO 0005 provides “open perils” building and contents coverage.

In this article, we discuss the HO 0003, noting in particular the changes from the earlier form. We shall also indicate the differences from the other forms; notably the HO 0008 and HO 0005.