Re/max Excalibur
Re/max Excalibur
Bryan Benham, Re/max ExcaliburPhone: (303) 882-8418
Email: [email protected]

HO-2 insurance: What you should know

by Bryan Benham 09/25/2023

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An HO-2 insurance policy is a type of homeowners insurance policy offering coverage for named perils. Many homeowners opt for this type of coverage when choosing how to insure their home and personal belongings.

Here is some more key information about HO-2 policies:

HO-2 insurance: policy definitions & details

An HO-2 policy is also sometimes referred to as "peril policy," since it only offers coverage for a specific list of events.

What is not covered by HO-2 policies?

While the list of perils might seem comprehensive, there are some perils - like sinkholes - are excluded.

You'll also need earthquake insurance or flood insurance to protect you in an area prone to these events.

Who needs an HO-2 insurance policy?

An HO-2 includes dwelling coverage, other structures coverage, personal property coverage and liability coverage.

While not "open peril" policies, the perils included will cover most claims.

HO-2 vs. HO-3

An HO-3 policy provides much broader coverage than a HO-2. However, while a HO-3 covers dwelling and other structures with open peril coverage, your personal property may still be subject to a list of named perils.

Is an HO-2 policy enough for my home?

A HO-2 policy can be much more affordable compared to other policies, but it does have more risk. If you're uncertain about how much homeowners insurance you need to protect your home and belongings, it's best to discuss the details with your insurance company.

About the Author

Bryan Benham

With 29 years with RE/MAX and 18 years selling real estate I have a broad knowledge of the industry. I work as a buyers agent and as a listing agent and believe this gives me the perspective that is beneficial to each. I have worked with numerous relocation companies helping their clients buy and sell. I am a Realtor which means I am a member of the National Association of Realtors and am held by a code of ethics. With that I have a fiduciary duty to my clients and always have their best interests in mind.

I am actively licensed in Colorado and Arizona.