The term "HO-1" refers to a type of homeowners insurance policy that provides basic coverage for property owners. It typically covers the structure of the home against specific perils, such as fire, lightning, and theft. However, it does not cover personal belongings or liability, making it a more limited option compared to other homeowners insurance policies. HO-1 policies are often considered the most basic form of homeowners insurance and are less commonly used today. Many homeowners opt for more comprehensive policies, like HO-3, which offer broader coverage for both the home and personal property.