![]() ![]() Although, most insurers exclude flooding and earthquake damages from HO-3s. HO-3s are open-peril policies, meaning unless the insurer excludes a peril from the policy, then the policy covers any kind of peril, listed or not. HO-3, Special form: Unlike Ho-2 and Ho-1 policies, HO-3 policies cover damages that are not listed.Some HO-2s cover personal liability as well. HO-2, Broad form: HO-2 policies cover the same damages, or perils, that HO-1 policies cover, but extend coverage to personal belongings, covering accidental discharge or overflow of water or steam, falling objects, freezing of household systems like AC or heating, sudden and accidental damage from an artificially generated electrical current, sudden and accidental tearing apart, cracking, burning, or bulging of pipes and other household systems, as well as weight of ice, snow, or sleet.HO-1 policies only cover damages on this list: Since insurance plans that offer more coverage are only slightly more expensive than this basic plan, many home insurers choose not to carry HO-1 policies, according to the Florida Office of Insurance Regulation. HO-1, Basic form: This is the most basic type of homeowners’ insurance you can buy.‘I almost had a heart attack’ Florida insurance crisis has some homeowners eyeing an exit There are the 8 types of homeowners’ insurance you can buy in Florida Coverage D: Loss of use (Additional Living Expense or ALE).Coverage C: Personal property (contents of the structures).Coverage B: Other structures (sheds and fences).Coverage A: Structure (the dwelling itself).Here are the different components of home insurance as listed by the Florida Office of Insurance Regulation : You can insure just your house, your house and all of the other structures on your property and even your tenants, if you’re a landlord. But there isn’t just one kind of insurance for homeowners. Mortgage lenders typically require homeowners’ insurance as part of their mortgage terms.īasically, if you just bought or already own a house in Florida, you probably need homeowners’ insurance. Homeowners’ insurance is a type of property insurance that covers damage or loss by theft and damages from disasters like storms - not including flooding - and fires. Here’s a breakdown of the different types of home insurance policies available in the state of Florida. If you’re one of the many Floridians shopping for a new home insurance policy during Florida’s insurance crisis, you need to know a few key terms to help you choose the best possible policy for your home and budget. Watch Video: Weather events could impact your home insurance rates. ![]()
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