Homeowners insurance is not required by Florida state law, but there are still plenty of good reasons to buy it. The most important reason to avail of home insurance is to pay for expensive damage when a hurricane or other natural disaster wrecks your home. It helps to know what types of Florida homeowners insurance options are available to you.
Getting the Right Homeowners Insurance in Florida
Standard homeowners insurance policies in Florida typically cover the entire house and other structures on the property as well as the valuables stored within them. This includes living expenses in case you have to leave your home while it is being restored after a disaster. However, you will need special coverage for hurricanes.
Standard plans cover belongings stolen or damaged by criminals. Other uncertainties include fire, storms, and damage from falling objects like a tree collapsing on your roof. Besides property damage, another major element of homeowners insurance is personal liability. This coverage pays for medical bills when a guest sustains an injury on your property.
One of the most important approaches to take with home insurance is not to assume anything about a standard plan. Be aware that what one Florida insurer offers in a standard plan may differ from another. It is up to you to read the full policy and ask questions to clarify what it covers.
Some homeowners may assume that a standard home plan covers any type of damage that occurs to a home. Usually, damage that results from neglect and lack of maintenance is not covered. Likewise, certain types of fires are covered except if they were started due to negligence or on purpose.
Home Insurance Options to Consider
There are various other insurance options to consider for your Florida home, depending on the type of home and its location. Here are common coverage options for homeowners to consider:
- Owner-occupied: The three types of owner-occupied plans covering single-family homes are HO-1, HO-2, and HO-3 policies. While HO-1 plans have largely disappeared due to minimal coverage, HO-2 plans are still common. If a peril is not listed in these policies, it means it isn’t covered. However, an HO-3 policy does cover perils that are not listed. HO-3 policy meets the minimum coverage requirement of lenders and is, therefore, the most popular option.
- Condominium Unit-Owner or HO-6: This policy covers your condominium structure and its contents. The perils are usually listed in the policy and include various natural disasters, along with theft and vandalism. You can buy coverage extensions if you need to customize your policy.
- Renters, HO-4, or Contents Broad Form: This plan is similar to an HO-2 plan but is designed for renters of houses, rooms, or apartments. It covers personal belongings that are stored both indoors and outdoors on the property. The policy covers many of the same perils listed in standard home plans. Every insurance company designs its own plan, which may cover modifications made to the property by the renter.
- Modified Coverage Form or HO-8: Designed for older Florida homes, this policy usually offers replacement costs that are greater than market value. However, it offers less coverage than what you can get from an HO-2 plan. An HO-8, for example, typically has coverage limits of $1,000 per stolen item. Thus, if you get this plan, you may want to buy extensions that raise coverage limits.
- Dwelling Form: This policy offers certain types of coverage not found in standard plans. If you are a mobile homeowner, you may want this coverage as many traditional mobile home insurance policies have been discontinued.
Review Your Insurance Needs with Us
Your journey to finding the right home insurance plan can be further simplified by talking to insurance experts in the state. If you have any questions about homeowners insurance in Florida, contact our team at Locke Insurance Group today!