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An HO-2 policy is a type of homeowners insurance that only covers damages caused by perils specifically named in your policy. An HO-2 typically covers 16 named perils, including damage from fire and lightning, windstorms and hail, and theft.

An HO-2 policy, also known as a broad form policy, is homeowners insurance that contains more coverage than the most basic of policy forms but less coverage than a standard HO-3 policy. An HO-2 provides coverage for your home and personal property against 16 named perils listed in the policy form.

The Homeowners Policy Comprehensive Form 5 (HO 5) is part of the Insurance Services Office, Inc. (ISO), homeowners forms portfolio. The HO 5 form insures the described owner-occupied dwelling, other structures in connection with the dwelling, unscheduled personal property on and away from the premises, and loss of use.

Key Takeaways. In an HO2 policy, only perils listed in the policy are covered. In an HO3 policy, all perils are covered except for the exclusions listed in the policy. An HO2 is often called a “broad form policy,” whereas an HO3 is often called a “special form policy.”

Coverage C includes items like electronics, housewares, clothing, and even furniture. It can also be stuff you keep in your yard or other structures, like patio furniture, a hot tub, bikes, or tools. If your stuff is stolen or damaged by a covered peril, this coverage may help pay for its repair or replacement.

An HO2 policy is a type of home insurance that is written on a named-perils basis. This means it only covers damage to your property that's caused by one of the perils identified in the policy. Some HO2 policies also cover your personal property and personal liability.