What are the policy limits (i.e. coverage limits) in a standard homeowners policy?

Note: what follows describes the Insurance Services Office HO-3 form. Most carriers write their own version of a homeowners policy, so treat this as how the pieces relate rather than as the numbers on your policy. On the ISO HO-3 form, the dwelling and other structures are covered on an open perils basis, meaning damage is covered unless the policy specifically excludes the cause. Personal property is covered on a named perils basis, meaning it is covered only when the cause of loss is one the policy lists. That difference between how the structure and the contents are covered is one of the more useful things to understand about the form, and it is the main thing an HO-5 changes. The dwelling limit is set by the owner when the policy is written, and the rest of the policy is built around it. Other structures, personal property, and loss of use are commonly expressed as a percentage of the dwelling limit, which is why that single number drives so much of what a policy will pay. Personal liability and medical payments to others are chosen separately rather than derived from it. The percentages themselves are not standard across the market. They vary by carrier and by form, and loss of use varies the most: some policies express it as a percentage of the dwelling limit, some as a stated dollar amount, and some as actual costs incurred over a set number of months. Because these are carrier decisions rather than an industry constant, your declarations page is the only reliable source for your own limits. It lists each coverage and what yours is set at, and it is worth reading alongside a licensed agent if you want to know whether those limits fit your home.