Which of the following perils does the HO-1 Basic Form cover?

The HO-1 Basic Form is a type of homeowners insurance that provides coverage for a limited number of specified perils, which are commonly referred to as "named perils." Among these perils, fire or lightning is one of the most basic and universally included forms of protection. This coverage ensures that if a home suffers damage due to a fire or a lightning strike, the homeowner is protected against the financial losses incurred.

The HO-1 Basic Form is designed to cover only certain risks explicitly listed in the policy. Fire or lightning falls under this category, making it a fundamental peril included within the HO-1 coverage. This is critical for homeowners to understand, as it fundamentally outlines what risks they are insured against.

Other options such as flood, earthquake, and rental income loss do not fall within the standard coverage of the HO-1 Basic Form. Flood coverage typically requires a separate flood insurance policy, often through the National Flood Insurance Program (NFIP). Earthquake coverage is also generally offered as an endorsement or a separate policy because it is not typically included in standard homeowner forms. Rental income loss provides coverage for loss of rental income when a property is uninhabitable due to a covered event, but this would not be included in the basic