5 Florida Home Insurance Policies that You Should Know

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  1. If you have just moved into a new home, then you need to get a new insurance policy for it quickly. This can be a challenge though because of all the Florida home insurance options that are available. If you are not familiar with these policies ahead of time you may get talked into taking on a policy that costs more and covers less.With the many storms that roll through south Florida it is important to have a good insurance policy working hard to protect your home.
  2. Learning the 8 basic types of Florida homeowners (HO) insurance policies will help you take make an informed decision when choosing your next home insurance policy.
  3. HO-1 Basic Form
  4. A basic form home owner’s policy protects you from 10 standard perils:
    • Fire or smoke
    • Explosions
    • Lightning
    • Hail and windstorms
    • Theft
    • Vandalism
    • Damage from vehicles
    • Damage from aircraft
    • Riots and civil commotion
    • Volcanic eruption
  5. This is the most basic type of home coverage, and it does not cover floods, earthquakes, and personal property. This policy is not commonly used today as most mortgage companies do not consider an HO-1 policy to be sufficient coverage for a home.
  6. HO-2 Broad Form
  7. An HO-2 is a more common Florida Homeowners insurance policy and it covers everything in an HO-1 policy as well as:
  8. • Falling objects
    • Weight of ice, snow, or sleet
    • Freezing of household systems like AC or heating
    • Sudden and accidental tearing apart, cracking, burning, or bulging of pipes and other household systems
    • Accidental discharge or overflow of water or steam
    • Sudden and accidental damage from artificially generated electrical current
  9. Most HO-2 policies will also cover your personal belongings.
  10. HO-3 Special Form
  11. An HO-3 is the most common type of Florida homeowners insurance policy because it covers everything anHO-2 does along with much more. Unlike an HO-1 and an HO-2 an HO-3 does not limit coverage to a list of named perils. Instead it protects you against any and all peril unless the policy specifically mentions otherwise.
  12. An HO-3 will typically cover your garage and deck as well, along with all of your belongings and any personal lability if you accidently injure someone or damage their property.
  13. In most cases an HO-3 does not cover flood and earthquake damage.
  14. HO-4 Tenant’s Form
  15. This policy is specifically designed for renters, and it only covers belongings and personal liability.This covers nothing to do with the house, as it will be insured separately by the homeowner.
  16. HO-5 Comprehensive Form
  17. A comprehensive Florida home insurance policy covers more perils than other types of policies. Like anHO-3, an HO-5 is an open-peril policy that covers all perils unless specifically stated otherwise.
  18. These includes:
    • Earth movement (like an earthquake, landslide, or mudslide)
    • Floods
    • Water damage
    • Damage from or infestation of birds, vermin, rodents, and insects
    • Neglect, deterioration, and general wear-and-tear
    • Settling, shrinking, bulging, or expanding of your home's foundation
    • Your pets and other animals
    • Mold, fungus, and rot
    • Intentional loss
    • War, government action, and nuclear hazard
    • Ordinance or law
    • Smog, rust, and corrosion
  19. An Ho-5 is usually the mostex pensive policy, but it is also the broadest, and one of the few policies that cover flooding
  20. .Beyond these basic HO-1 –HO-5 forms there is also an Ho-6 that covers condos, an HO-7 for mobile homes,and an HO-8 for older homes.
  21. Choosing the proper coverage for your home can be a tough job, so why not let the Florida homeowner’s insurance experts at Insurance Authority help you out. We have been helping Florida homeowners find the best home insurance for over 30years, and we will help you find a policy that will let you rest easy knowing that your home is fully protected.