Which Homeowner form provides only named perils coverage?

The HO-2 form, also known as the Broad Form, is unique among the homeowner policies in that it provides named perils coverage. This means that the policy specifically lists the perils that are covered, which typically includes risks such as fire, windstorm, hail, explosion, and vandalism, among others. Homeowners must recognize that if a peril is not explicitly listed in the policy, it will not be covered.

The named perils approach in the HO-2 contrasts with other forms that may provide broader coverage. For instance, the HO-3, a standard policy, offers open perils coverage for the dwelling, meaning it covers all risks except for those that are specifically excluded.

In addition, other forms like the HO-4 (Renters Insurance) and HO-6 (Condominium Insurance) also provide more tailored coverage, but they do not typically follow the same structure as the HO-2’s named perils coverage. The HO-8 form, generally intended for older homes, also offers a different type of coverage approach focused on actual cash value rather than replacement cost, and it can include named perils as well, but it is not as commonly referenced for standard home coverage as the HO-2.

Understanding