Insurance policies in Florida and their types

Rental housing most often has a full type of insurance. In such an insurance policy, all possible types of damage are taken into account. According to such insurance, the insurance company is responsible for compensation for damage caused to property due to the fault of the tenant or third parties.

Residential spaces in Florida are not only often rented out, but are used as offices and workshops by small businesses. In this case, real estate insurance is carried out using SBI (Small Business Insurance) insurance products, which take into account the interests and opportunities of small businesses. Such policies record that professional equipment is installed in the residential premises. They also take into account the increased patency of the premises by clients of small entrepreneurs. Insurers closely monitor the actions of insured small businesses. Violation of the rules of the current office-at-home insurance is accompanied by the imposition of sanctions up to the revocation of the policy.

Home insurance in Florida is essential. Despite the high rates of insurance companies, residents of the state take out insurance products in the hope of protecting themselves from material losses associated with natural disasters.

Types of insurance policies for homeowners in the US:

1. HO-1 insurance is the main type of property risk insurance policy. With it, you can insure property inside the house (household appliances, walls, ceilings, partitions, flooring), buildings near the house, garage. This type of insurance does not cover damage to personal items. It covers material losses only in the event of force majeure circumstances: fire; natural phenomena (lightning, hail, hurricane, volcanic eruption); explosions; street riots; vandalism; theft.
2. HO-2 insurance is an insurance policy that covers damage to your home and your personal belongings. To those insured events that are described in HO-1 insurance, the following are added: leakage; fire of household appliances; rupture of heating pipes, plumbing, air conditioning systems from frost; damage caused due to a voltage drop in the wiring; damage from ice, snowfall, sleet.
3. HO-3 insurance – an insurance policy that protects the home, personal property, personal belongings, covers additional costs for household needs and medical expenses if harm is caused to third parties. This type of insurance policy covers the risks associated with the following circumstances: construction defects; poor quality maintenance of real estate; structural wear; corrosion; pollution, mold, fungus; damage to property by domestic or wild animals; hostilities; nuclear threat.
4. HO-4 insurance, or rental housing insurance. This type of insurance policy helps renters protect their personal belongings from damage and cover the cost of maintaining and maintaining the rental property. This type of insurance does not cover risks associated with the design features of the dwelling/building. It is used in those insurance situations that are specified in the insurance policies HO-1 insurance and HO-2 insurance.
5. HO-5 insurance – this type of property insurance is a kind of “golden mean”. It costs more than general-purpose home insurance with labeled risks because it covers more contingencies. Moreover, the owner of this type of policy is not required to prove the reason for the damage to his property. This type of insurance is used to protect valuable items, including jewelry.
6. HO-6 insurance – This insurance policy is intended for apartment owners. Such insurance covers all property inside the apartment, up to the walls, load-bearing structures, as well as the liability of the owner of the dwelling to third parties. Moreover, the community where the apartment is located is responsible for all premises and common areas, therefore it has its own insurance policy, which is paid by the owners of apartments in the condo.
7. HO-7 insurance – this insurance covers the risks associated with mobile, prefabricated houses, mobile homes. This type of property insurance policy covers home construction, personal effects, personal liability to third parties (including medical payments) and additional household expenses. The insurance covers the external structure and internal arrangement on the principle of open risks (it is not necessary to prove a causal relationship between damage and the source of damage) of the house. The insurance covers damage to personal property only in the circumstances specified in HO-1 insurance.
8. HO-8 insurance – this type of property insurance policy is used for owners of old residential buildings, houses with the status of a historical or architectural monument, houses built from materials that are not used in construction today. This type of insurance is ideal for homeowners who know that repairs will cost more than the actual value of the home. Insured events