An HO-2 Policy, also known as a Broad Form Homeowners Insurance policy, provides coverage for a homeowner's property against specific perils. This policy typically covers risks such as fire, theft, vandalism, and certain natural disasters. It protects the structure of the home and personal belongings, making it a popular choice for many homeowners. In addition to property coverage, an HO-2 Policy often includes liability protection, which helps cover legal expenses if someone is injured on the property. However, it’s important to note that this policy does not cover all risks, so homeowners should review their specific needs and consider additional coverage options if necessary.