Are you keen on purchasing home insurance? Do you already know the basics of home owners insurance? For most people, their home is their most valued investment. In fact, most peoples’ hard-earned income goes to their homes. Most people also know that acquiring such estate also gives them the option to purchase the applicable insurance policies, but do most people know the basics of these insurance? Read on to find out about the special form (HO-3) Florida homeowners insurance.
Why do you want Florida home owners insurance?
Florida home owners insurance (HOI) is a property insurance that covers houses and their contents. It can also cover condominium units. A home owner’s insurance policy may cover so many perils. Below is a list of the different kinds of home insurance policy.
- Basic Form Insurance
- Broad Form Policy
- Special Form Homeowners Insurance (HO-3)
- Tenant’s Insurance
- Premier Homeowner Policy
- Condominium Insurance
- Older Houses
Special Florida Homeowners Insurance
Special Florida homeowners insurance, also called HO 3, will insure the house per se and properties inside and outside the premises and the loss of use. It can also cover personal liability and medical payments due to unforeseen events such as falling items or protruding items that may cause tripping or injuries. Note that the insurance will not cover damages or loss due to earthquake, flood, war, and nuclear accidents.
Where to get insurance? There are three ways to get them.
- Direct Seller Insurance Company
- Devoted Agents
- Independent Insurance Agents
It will be dependent on the premiums and policy coverage if you want to choose the right insurance. Know that special coverage for valuable items such as antiques, jewelry, and other valuables will not be covered although you can ask your agent whether they offer riders that may provide coverage of such items. Insurance will cover up to 70% of the market value of your home, but try to ask whether they can cover up to a hundred percent or more. There are guaranteed insurance that will cover up to 25% more of the actual price of the insured item. If you own an older house, there will be a lower premium but make sure to read all the fine prints because you may be availing of insurance that will not even cover the elegant hardwood floors of your old home.
Needless to say, it is advised to compare insurance quotes from different insurance agents, read the coverage thoroughly, and ask questions before you sign a contract.
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