Form No. 5 Comprehensive Homeowner’s Insurance (HO-5) is a homeowner’s insurance policy that covers the property, structures within the limits of the property, personal belongings, liability, and medical coverage. As the name implies, it is the type of homeowner’s insurance that provides the widest coverage.
HO-5 insurance is considered the all-perils policy for homeowners. If the property is damaged, the policy owner does not have to link the cause of the damage to one of the items listed in the policy, as would be the case with named perils insurance.
Insurance companies tend to be cautious when issuing HO-5 policies and usually sell them to houses that are quite new, well maintained, or located near the fire department.