Which homeowners form provides open peril coverage for both dwelling and contents?

The correct choice is Form 5. This specific homeowners form is designed to provide open peril coverage for both the structure of the home (the dwelling) and the personal property (contents) within it. Open peril coverage, also known as all-risk coverage, protects against any loss or damage except for perils that are specifically excluded in the policy. This means that it covers a broader range of potential risks compared to name perils policies, which only cover risks that are explicitly listed.

In contrast, other homeowners forms such as Form 2 and Form 3 are more limited in their coverage. Form 2 offers broad form coverage, which is more restrictive than open peril, while Form 3 also has some limitations as it generally covers risks that are named rather than offering comprehensive protection. Form 8 is typically associated with a specific set of coverages under the North Carolina homeowners insurance offerings and does not provide the same open peril coverage across both dwelling and contents as Form 5 does.

Therefore, Form 5 stands out as the option providing comprehensive protection, making it the best choice for open peril coverage on both the dwelling and its contents.