What Are The Two Types Of Homeowners Insurance? 
There are seven homeowners forms in current use . Some of the forms are rarely used . The HO-3 form is the most commonly used . The differences between the forms has to do with the list of insured perils -LRB- fire , wind , lightning etc. -RRB- and the method the company will use to adjust the claim -LRB- actual cash value , or depreciated value , and replacement cost . -RRB- The price for the various forms varies . Lenders may demand that a specific form be used . 