What it does
The HO 8 covers the dwelling, other structures, personal property and loss of use with a loss settlement provision based on repair cost or market value instead of replacement cost, which suits older homes where rebuilding cost is out of proportion to market value. That provision can be replaced by HO 04 81 (actual cash value) or a replacement cost endorsement. Section II liability works like the other homeowners forms. It is filed in fewer states than the other forms (about 30 on the 03 22 edition and 8 on the 05 11 edition).
Who needs it
Owner-occupants of older or historic homes, or homes in neighborhoods where insuring to replacement cost is not practical.
Key provisions and limits
- Personal property is settled at actual cash value in the base form.
Quoting and selling notes
- Explain the loss settlement difference before binding; compare with HO 00 03 endorsed with HO 05 30 or HO 05 31 (functional replacement cost).
- Business exposures follow the same exclusions as the HO 3.
Editions and availability
Editions in use and where they apply: 03 22 (30 jurisdictions); 05 11 (8 jurisdictions: AL, CA, GA, HI, LA, NC, TX, VI).
Homeowners endorsements are built for a specific program edition. When a carrier moves a state from the 2011 (05 11) program to the 2022 (03 22) program, the endorsement editions move with it, so match the endorsement edition to the policy form edition shown on the declarations.
