Types Of Florida Homeowners Insurance Policies
Your primary residential property is most likely the largest investment you will make during your lifetime. As with all your investments, you must take the proper measures to ensure your assets are protected. While a majority of homeowners carry Florida house insurance, there are a number of policy holders who have no clue up to what limits they are protected and what is excluded from their policy. It is the homeowners responsibility to educate themselves on the types of homeowner insurance coverages that are available. While many homeowners would assume their agent would advise them if they are under insured, the truth of the matter is it is the homeowners responsibility to review policies each year and make adjustments as needed.
You could be unaware that you are at risk for significant financial loss if you are not covered properly by your Florida house insurance. If you own a property and you are living in it, there are four types of policy forms to choose from. Understand how each form covers your policy and which types are the most comprehensive will give you a heads up when you are shopping the market.
The HO-1 Homeowners policy form is the most limited of the four policy forms available. While it is very limited in coverage, there are still a few insurers on the market offering these policies are very low premiums. While the policy limits is generally covered on a depreciated valuation method for contents and a stated amount for dwelling coverage, it will cover the main perils such as fire, theft, vandalism, smoke and wind perils.
The HO-2 is very similar to the HO-1 policy type, which will include all of the perils listed on an HO-1 policy. In addition to these perils, damages caused by falling objects, snow, water from plumbing leaks or bursts, and electrical appliances will also be covered.
The HO-3 policy form is the most common type of Florida house insurance sold today. While it is not the most comprehensive policy on the market, it will cover all risks that are not excluded from the policy provisions. All-risk coverage is preferred over named perils and has become the most popular type of coverage type sold by reputable insurance companies.
The HO-5 policy is the most comprehensive policy form available that will cover the dwelling and contents on an all-risk basis. These policies generally cover on replacement cost valuation and will offer extended replacement cost for the dwelling to cover inflation.
Knowing the types of Florida house insurance policy forms is extremely important. While you may think you are receiving a competitive quote, you will not truly know unless you review the perils and exposures that are covered and how they are covered. Do your research and make a wise choice to protect your biggest investment.
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Tucked in among all your other closing costs when you buy a house you’ll probably find a charge for “title insurance”. If you’re taking out a mortgage to buy a house, your lender will insist that you take out title insurance. This is more than just one more nuisance charge levied by people who are determined to make a few extra bucks on your home purchase. Title insurance offers you some real, tangible security in the event that there’s ever a problem with the title to your home.
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