How is personal property covered in the Special form (HO 00 03)?

In the Special form (HO 00 03), personal property is indeed covered on a named peril basis. This means that the policy specifically lists the perils for which coverage is provided. For personal property, the Special form does not cover all types of risks but rather focuses on those that are explicitly mentioned in the policy. These perils typically include events such as theft, fire, and certain types of water damage.

This aspect of coverage is critical for policyholders to understand, as it delineates what types of damages are eligible for reimbursement. While other forms of homeowners insurance may provide broader coverage or different methods of valuation, the named peril approach makes it essential for insured individuals to be aware of the specific risks that are listed in their policy. This ensures that they can identify any potential gaps in their coverage and make informed decisions about any needed endorsements or additional protections.