What Does Form No. 2 Broad Homeowners Insurance (HO-2) Mean?
Form No. 2 (HO-2) refers to homeowners insurance that provides protection over the dwelling and other structures, whether attached or detached, and personal property in the home against 16 named perils. HO-2 is also referred to as a broad form because it offers more coverage than HO-1.
Insuranceopedia Explains Form No. 2 Broad Homeowners Insurance (HO-2)
HO-2 provides coverage against the following 16 perils:
- Fire and lightning
- Windstorms and hail
- Damage from accidental discharge or overflow of water or stream
- Ice, snow, or sleet
- Volcanic eruptions
- Riots and civil commotion
- Vandalism and malicious mischief
- Vehicles, only if third parties are at fault
- Theft, usually limited to only $1,000
- Falling objects
- Sudden and accidental damage from artificially generated electrical current
In some states like Virginia, HO-2 also offers coverage for personal liability, medical payments, and additional living expenses.