HO-2: Broad Form

The HO-2 form, also known as a broad form homeowners insurance policy, provides coverage for a wider range of named perils compared to the HO-1 form. It protects the structure of the home and personal property against specific risks like fire, theft, hail, and falling objects. Additionally, it may include liability coverage and additional living expenses, offering more comprehensive protection than the HO-1 policy.

HO-2 POLICY TYPE: Named Peril 

HO-2 DWELLING COVERAGE: Replacement Cost (RC)

HO-2 PERSONAL PROPERTY COVERAGE: Actual Cash Value (ACV)

WHO IS THE HO-2 FORM FOR? HO-2 polices are more common but still offer less coverage then HO-3 policies, which are the most common homeowner policy. 

HO-2 POLICY COVERAGE:

• Dwelling Coverage: YES
• Other Structures Coverage: YES
• Personal Property Coverage: YES
• Additional Living Expenses (ALE): YES
• Personal Liability Coverage: YES
• Medical Payments Coverage: YES

HO-2 PERILS COVERED: 

• Fire or lightning
• Windstorm or hail
• Explosion
• Riot or civil commotion
• Aircraft
• Vehicles
• Smoke
• Vandalism and mischief
• Theft
• Volcanic eruptions
• Falling Object
• Weight of ice, snow or sleet
• Water/Steam Accidental Discharge or Overflow
• Water/Steam tearing, cracking, burning, or bulging
• Freeze: plumbing, heating, AC, fire sprinkler, appliance
• Artificially generated Electrical Current damage