Which of the following is considered a Modified Coverage Form?

The Modified Coverage Form, known as HO-8, is specifically designed to provide coverage for older homes that may not meet the current building codes or values. This form usually covers the actual cash value of the home, rather than replacement cost, making it suitable for properties where the cost to rebuild may far exceed the market value.

HO-8 is tailored for situations where insuring the property on a replacement cost basis would be disproportionately high. It typically includes coverage for fire, lightning, windstorm, and other perils but with limitations compared to more comprehensive homeowners policies like HO-3. This characteristic makes the HO-8 a modified approach to standard homeowners insurance, hence the name "Modified Coverage Form."

In contrast, the other options such as HO-3, HO-4, and HO-5 represent different standard homeowners policy forms that include broader coverage and are not categorized as Modified Coverage Forms. HO-3 generally provides all-risk coverage for the dwelling and named peril coverage for personal property. HO-4 is designed for renters, and HO-5 offers a more comprehensive package of coverage than an HO-3. These policies cater to different needs and are not specifically modified for older homes, which highlights why HO-8 stands out in this context.