What form does HO-8 represent?

HO-8 represents the Modified Coverage Form. This type of homeowners insurance policy is specifically designed for older homes that might not qualify for standard homeowners coverage due to their age or outdated construction methods.

The Modified Coverage Form is tailored to provide coverage that aligns with the actual cash value of the home rather than the replacement cost, which is particularly important for homes that may have unique or irreplaceable features that don't fit typical valuation methods. This form typically includes coverage for the dwelling, personal property, liability, and loss of use, but with adjustments that reflect the insurance company's assessment of the property rather than a standard replacement cost assessment.

By understanding the specifics of HO-8, homeowners with older properties can ensure they have adequate protection without overestimating the value of their homes based on current market conditions or construction costs. This can be crucial for managing risk effectively in areas with older housing stock.