The HO-2 policy, also known as the "Broad Form" homeowners insurance, provides coverage for a homeowner's property against specific perils. This includes risks like fire, theft, and vandalism, but it does not cover all potential damages. The policy typically protects the structure of the home and personal belongings, making it a popular choice for many homeowners. Unlike the more comprehensive HO-3 policy, the HO-2 only covers named perils, meaning that if a risk is not listed in the policy, it will not be covered. Homeowners should carefully review the terms to understand what is included and consider additional coverage for any gaps.