What does the Homeowner form HO-2 cover?

The Homeowner form HO-2, also known as the Broad Form, covers named perils. This means that the coverage provided by this policy specifically lists the types of risks that are insured. If a peril is not explicitly mentioned in the policy, it is not covered. The named perils typically include risks such as fire, theft, vandalism, and certain types of water damage, among others.

This approach allows homeowners to understand what risks are included in their coverage more clearly, as opposed to open perils, which would cover any damage unless specifically excluded. The HO-2 form is designed to offer a moderate level of protection, making it distinct from other homeowners' forms that provide broader or more exclusive coverage options.