Which statement about HO policies is NOT true?

The assertion that HO-4 is named perils for building and contents is not true because an HO-4 policy, also known as renter's insurance, does not provide coverage for the building itself, as this type of policy is designed for tenants who do not own the property. Instead, it covers personal property on a named perils basis, meaning that it specifically lists the perils that are covered, such as fire or theft, rather than providing coverage for the structure in which the insured resides.

In contrast, the other statements accurately describe the coverage characteristics of their respective homeowner policies. HO-5 indeed provides comprehensive "all risk" coverage for both the building and contents, making it one of the most comprehensive forms of homeowner policies available. HO-3 offers "all risk" coverage for the dwelling itself while providing named perils coverage for the personal belongings of the insured. Lastly, the HO-6 policy is specifically tailored for condominium owners and covers personal property on a named perils basis, along with limited coverage for improvements to the unit.