What is a key feature of H.O. 1 Basic Form?

H.O. 1 Basic Form is specifically designed to offer coverage for a limited set of perils, making it the least expensive option among homeowners insurance policies. It covers 11 named perils, which include some of the most common risks like fire, lightning, and theft. This limited coverage approach allows policyholders to obtain insurance at a lower premium than more comprehensive options, such as H.O. 3, which offers broader coverage against a wider range of hazards.

In contrast, the other options represent features that are not applicable to H.O. 1. For example, a policy that provides the most comprehensive coverage available would typically be an H.O. 5 or H.O. 3 form, which cover numerous perils more extensively. Coverage against 20 named perils also exceeds what H.O. 1 provides, as it specifically includes only 11. Additionally, exclusive coverage for valuable items does not pertain to the H.O. 1 Basic Form, which is focused on general perils rather than specialized or valuable item protection.