HO-2 – Broad Form
Definition:
A homeowners policy that covers a wider list of named perils than HO-1.
Explanation:
HO-2 expands protection to include risks like falling objects, weight of ice/snow, and accidental water discharge. It’s more comprehensive than HO-1 but still not as broad as HO-3.
Example:
If a tree branch falls through your roof during a storm, HO-2 coverage would pay for repairs.
Why it matters:
This term affects how claims are handled and what payout a homeowner may receive.