What is the primary focus of the HO-8 policy?

The primary focus of the HO-8 policy is to provide protection for homes with high replacement costs relative to their market value. This type of homeowners insurance policy is specifically designed for older homes that may have a lower market value than the cost to replace them. It typically covers the actual cash value of the home and its contents, meaning it factors in depreciation. This is particularly important for properties that may not conform to standard valuation methods due to their age or unique features.

In contrast, other options like coverage for individuals aged 65 or older, insurance for low-income families, and coverage for condominium owners pertain to different types of insurance policies or demographics that do not align with the core purpose of the HO-8 policy. The HO-8 policy is not specifically designed for age-based or income-based coverage, nor does it address condominium insurance, which is typically covered under different types of homeowners policies.