The short answer
HO-3 (special form) covers all perils except those excluded — the default for most owner-occupied US homes. HO-2 (broad form) covers only 16 named perils — significantly narrower. The premium delta is usually 5–15%; the coverage delta at claim time can be everything. Only accept HO-2 if HO-3 isn't available for the property.
Frequently asked
- Is HO-2 acceptable for a mortgage?
- Most lenders accept it, but require replacement cost — verify the settlement basis.
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