There are as many as ten different types of home insurance policies in Florida. Eight of them are common and only a few are popular. Read up about all these types of home insurance in Florida here so you can choose the most appropriate policy and coverage for your residence.
•HO-1 is a basic policy. It has limited coverage, mostly for the dwelling against common perils such as fire, theft, lightning, hail, windstorms, riots and vandalism, explosion, civil commotion, smoke, vehicles and aircrafts, volcanic eruptions and mischief. It should be noted that this type of policy does not provide coverage against flooding or for the contents inside the house.
•HO-2 is another basic insurance policy. It offers the same coverage as HO-1 but also includes other perils such as damage caused by a falling object, plumbing problems and hence flooding, household appliances and excessive heating or other problems. It is a named peril insurance policy. Other perils are not covered. The HO-2 policy has coverage for contents inside a house.
•HO-3 is a more comprehensive policy as it has coverage for more perils and certain specific circumstances. It excludes flood, earthquake, landslide, sinkhole and nuclear incident. It has coverage for home contents. HO-3 with coverage against hurricanes and tornadoes is the most common home insurance in Florida.
•HO-5 is more comprehensive than HO-3. It also costs more. Most named and unnamed perils are covered by such policies. HO-8 is a policy for old homes. The replacement cost of damages in such homes is significantly greater than the actual cash value as determined by the valuation process.
•HO-4 is home insurance in Florida for tenants or renters. Tenants do not need to insure the property or its structure as the landlord would do so anyway. A renter or tenant must insure their own contents or possessions. HO-4 has coverage for personal property including new installations that a tenant may usher in to the house.
•HO-6 is for owners of condos or co-ops. A condo is structurally different from a house. High rise condos do not have as much vulnerability to flooding at the ground level as a suburban house. Condos and especially high rises also have fire alarms, smoke detection devices and sprinklers. These elements are factored in. There may be overlapping coverage in some instances so exemptions or deductibles may be sought accordingly.
There are other types of home insurance in Florida such as HOA or Homeowners Association Insurance and MHP or Mobile Home Policy. You may also go for DF-1 or fire and extended coverage. All of these home insurance types are available at https://floridainsurancequotes.net/florida-homeowners-insurance/.