Which of the following forms covers actual cash value on both dwelling and personal property?

The correct choice reflects the characteristics of the HO-8 policy, which is specifically designed for older homes that may not be accurately valued by replacement cost standards. This form typically provides coverage on an actual cash value (ACV) basis for both dwelling and personal property, taking into account depreciation.

In contrast, the HO-3 policy typically offers replacement cost coverage for the dwelling but may provide actual cash value for personal property. The HO-5 policy goes further by providing broader coverage, often on a replacement cost basis for both dwelling and personal property. Meanwhile, the HO-6 is primarily intended for condominium unit owners and may have different coverage conditions.

Thus, one of the main benefits of the HO-8 policy is its adequacy for insuring older homes where the cost to replace may not reflect the actual value of the property, which is why it is set at actual cash value for both categories.