Which homeowner form is known as the "deluxe" form of coverage?

The HO-5 form, often referred to as the "deluxe" homeowners policy, provides a comprehensive level of coverage for homeowners. It is designed to offer broader protection compared to other homeowner forms, such as the HO-3 and the HO-1, by covering both the structure and the personal property against a wider range of risks.

Specifically, the HO-5 form includes an open-perils policy for personal property, which means it covers all risks except those that are explicitly excluded in the policy. This type of coverage tends to be more advantageous for homeowners as it eliminates the need to prove that a loss was caused by a covered peril, thus offering more peace of mind. In addition, the policy typically features higher coverage limits and fewer exclusions than other forms, making it the most comprehensive option available in the standard homeowners' insurance products.

The other homeowner forms listed serve different types of housing or have varying levels of coverage, such as renter's insurance (HO-4) or condominium insurance (HO-6), and are not equipped with the same extensive protections as the HO-5, underscoring why the HO-5 is considered deluxe in its offerings.