As a homeowner, you have a few choices when it comes to the type of coverage and policy forms you may want.

HO-3

The HO-3, also known as a "special form," is the most common homeowners insurance policy form, says the National Association of Insurance Commissioners.

An HO-3 offers "open peril" coverage for the structure of your home. This means your policy will help pay for repairs if your home is damaged by any peril — unless that peril is specifically listed as an exclusion in your policy documents.

However, an HO-3 offers "named peril" coverage for your personal property (such as furniture, electronics and clothing). With named peril coverage, your policy helps pay to repair or replace your belongings only if they're damaged by the perils that are specifically listed in your policy. If the peril is not listed, it is not covered.

The HO-3 form helps cover up to 16 named perils, according to the III. These include:

Fire and smoke
Lightning strikes
Windstorms and hail
Explosions
Vandalism and malicious mischief
Damage from an aircraft, car, or vehicle
Theft
Falling objects
Weight of ice, snow or sleet
Water damage

HO-1

An HO-1, or "basic form," is a policy that typically helps cover 10 perils (compared with the 16 perils covered by an HO-3). For example, falling objects or the weight of ice are perils not covered by an HO-1 form, the III says. Due to the limited coverage of an HO-1, many insurers no longer offer this type of policy form.

HO-2

An HO-2, or "broad form," also provides limited coverage. It's called a "broad form" because it may help cover a broader range of perils than the HO-1 "basic form."

HO-8

This type of form helps protect older homes. It helps cover up to 10 perils, according to the III. However, the reimbursement for any covered damage is paid on an actual cash value basis instead of replacement cost, says the III. This means an insurer will pay for what the cost of the item is minus depreciation. Historic homes and registered landmarks usually carry this type of policy.