No matter how high the stock goes, if you hold your option to expiration, you will clear 2 points less than the stock holder because of the time premium you paid when you bought the call. Instead Buying put options against stocks that you own is another way of reducing risk. If the stock rises, you still own the put and can sell at any time you choose until expiration. This strategy has some unfortunate features as well. You can still experience losses if the stock falls dramatically, and the upside profit potential is limited to the premium received plus any profit represented in a sale at the strike price.
Any further appreciation goes to the buyer who exercises the call.
Overall, if you expect the stock price to remain about the same or rise slightly, this can be a good strategy. Markets change, and options price levels reflect those changes. Since different strategies are suited to different conditions, it's wise to stay flexible in your strategies. For example, in neutral, or slightly bullish markets, the writing of covered calls is generally a good strategy. In more bullish periods, the purchase of calls will yield better results than covered call writing.