What is HO-8 insurance coverage?
If your home is older or made from hard-to-find materials, you may want to consider an HO-8 homeowners policy. This coverage is most often used if your home was built 40 years ago or longer, is a historic landmark, or is otherwise architecturally important. As a general rule, if it costs more to repair your damaged home than the home’s current market value, an HO-8 policy will likely be your best — and most affordable — option.
If the home was originally constructed using materials no longer commonly used — like plaster walls — replacing and repairing these elements to the home's original standard would be prohibitively expensive. An HO-8 insurance policy is designed to cover these specific circumstances.
What does an HO-8 policy cover?
Standard homeowners policies include HO-2, HO-3, and HO-5 policies. The HO-8 form is a modified version that provides coverage for homeowners unable to attain an HO-3 policy for their older home — typically more than 40 years old.
Under an HO-8 policy, the insured's dwelling, personal property, liability, and loss of use are covered. However, it should be noted this insurance policy will not go as far in covering your home and personal belongings as an HO-3 or HO-5 policy. An HO-8 will at least provide certain key coverages against the most common perils (causes of loss).