1. The HO-2 (broad form) homeowners policy insures the dwelling and personal property on:

A named-peril basis covering a broad list of perils

The HO-2 broad form covers the dwelling and personal property against a broad list of named perils.

2. The HO-8 homeowners form is intended for older homes and generally settles covered dwelling losses on:

An actual cash value or functional repair basis

The HO-8 form is designed for older homes and settles dwelling losses on an actual cash value or functional repair basis.

3. Coverage B of a homeowners policy applies to:

Detached structures such as a fence or shed

Coverage B applies to other structures on the premises that are detached from the dwelling, such as a fence or shed.

4. To receive full replacement cost on a partial dwelling loss, a homeowners policy commonly requires the insured to carry coverage equal to at least:

80 percent of the dwelling's replacement cost

Homeowners policies commonly require insuring to at least 80 percent of replacement cost to collect full replacement cost on partial losses.