What is a "broad form" homeowners policy?

A "broad form" homeowners policy is designed to provide coverage for more named perils compared to a basic form policy. In essence, it addresses a wider range of risks that could potentially lead to a loss. For instance, while a basic homeowners policy might cover only a limited number of perils such as fire, windstorm, and lightning, a broad form policy expands this list to include additional risks like theft, falling objects, and weight of ice or snow.

This increased coverage makes the broad form a more comprehensive option for homeowners, as it can better protect against a variety of potential losses. It is important for policyholders to understand the specific perils covered under the broad form policy, as these defined terms determine what is insured and what is not. In contrast, other types of policies mentioned (like those that focus solely on structures or exclude coverage for personal belongings) do not provide the same breadth of protection against the multitude of risks a homeowner might face.