The "Modified Coverage" form is for the owner-occupied older home where the replacement cost exceeds the property's market value by a great margin.
For instance, if you a home that was built in the early 1850s and it has not been fixed up or renovated yet, the actual market value of the home compared to the replacement cost is is a huge difference, then you would most likely need a HO8 home insurance policy.
HO-8 Insurance Cost
What is the difference between HO3 and HO8?
HO3 is a policy that covers the most perils while HO8 is designed for older homes where the replacement cost is more than the actual market value of the home.
What States Offer HO8 Home Insurance?
HO8 Home Insurance Quotes in: Alaska, Alabama, Arkansas, Arizona (AZ), HO-8 California (CA) Insurance, Colorado (CO), Connecticut (CT), DC, Delaware , Florida (FL), Georgia, Hawaii , Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts (MA), Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina (NC), North Dakota, Nebraska, New Hampshire, New Jersey (NJ), New Mexico, Nevada, New York (NY), Ohio (OH), Oklahoma, Oregon, Pennsylvania (PA), Rhode Island, South Carolina (SC), South Dakota, Tennessee, Texas (TX), Utah, Virginia, Vermont, Washington (WA), Wisconsin, West Virginia (WV), Wyoming.