Florida Homeowners Insurance

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What coverage do I need for my home?

What other coverages are available on a homeowners insurance policy?

What coverages might be excluded on a homeowners insurance policy?

What does replacement cost and actual cash value mean?

Why do they want to insure my house for so much?

How can I save money on my home insurance?

What coverage do I need for my home?

Special or Basic – In Florida your homeowners insurance is likely to be an HO-3 (DP-3) or HO-8 (DP-1) policy form, otherwise known as special form or basic form. Each policy form is packaged with both property and liability protection but the extent of the protection varies widely between forms. Knowing the differences between these policies can help you make the right insurance decisions. It is very important to check your policy form to see which of these coverages you carry.

Basic Form

HO-8 or DP1, the basic form, policies are by definition the most basic type of homeowners insurance available. Basic form policies protect against specific perils only such as fire or lightning, wind or hail, smoke, explosion, riot and civil unrest, vandalism or malicious mischief. Things like theft and water damage may not be covered. Protection is only for the things specifically listed in the policy, so you may not be covered as well as you would like. This product carries with it a list of excluded coverages and limitations.

Special Form

HO-3, or special form, policies are the most common type of homeowners insurance available. Unlike the basic form, special form covers all causes of loss except those which specifically are excluded by the policy. Special form also includes loss of use coverage, which pays for the living expenses you incur if your home is unlivable during repairs after a covered loss. There is also typically a no-fault medical coverage for minor injuries to guests at your home.

What other coverages are available on a homeowners insurance policy?

Other structures. If you have other structures on your property, that are not attached to the house, you will need to consider covering them under other structures.
Replacement cost for your contents. This coverage is normally not included in the base policy and must be added separately.
Valuables. If you have jewelry, furs, collectibles, antiques, electronics, or other valuable items, your homeowners policy may not give you the protection you need. Most policies limit the amount of coverage on these items to $1,000 – $2,500. You may want to consider a personal articles floater to insure the items for full value.
Sinkhole coverage. Sinkhole coverage can be added to your policy for an additional premium. Some carriers require that you pay for an inspection before they will add this coverage to your policy. If you do not carry sinkhole coverage, your policy will only cover catastrophic ground collapse, which means your home must be condemned in order to trigger coverage.

What coverages might be excluded on a homeowners insurance policy?

Animal Liability. Most carriers will exclude or limit the amount of coverage for an animal related claim. Other coverage can be obtained to cover animal liability, so check with your agent.
Sinkhole Coverage. In Central Florida it is difficult to obtain sinkhole coverage. Most companies offer catastrophic ground collapse coverage which will only trigger coverage if the home is condemned. Cosmetic damages are not covered under the catastrophic ground collapse unless the home is codemned. Some carriers will still offer sinkhole protection, so if you are interested in covering this make sure you ask about it.
Trampolines, skateboard ramps, diving boards, slides, ungated and unscreened pools, or other unusual or dangerous conditions may be uninsurable or excluded from coverage.
As mentioned above, theft and water damages are excluded from basic form policies.

What does replacement cost and actual cash value mean?

Homeowners insurance property claims are settled in two ways: replacement cost (RC) and actual cash value (ACV). A replacement cost settlement will pay up to the replacement value cost of the home, but an ACV settlement will depreciate the value of the home based on age and condition at the time of loss. Special form policies are generally written as replacement cost but basic form policies are generally written as actual cash value. Your contents inside the home are also settled under replacement cost or actual cash values. Make sure you have replacement cost coverage if you would like to replace the items in your home with new items instead of used.

Why do they want to insure my home for this amount? My home’s not worth that much anymore.

In Florida we have certainly seen home values decline. Insurer’s are still required to insure your home, on the special form policy, for what it would cost to rebuild that home to today’s codes and standards. In order to calculate that value most carriers use a builder’s program that determines this figure based on your square footage and layout ot the home. Depending on the quality and materials used, homes in Florida generally range from $95 to $150 per square foot for rebuild costs. Replacement cost figures and your property’s current market value may vary drastically.

How can I save money on my home insurance?

The best way to save money on your homeowners insurance in Florida is to shop around. Our experts have access to more than 15 top Florida home insurance companies. Get a quote now!
Deductible. You may increase your deductible in order to reduce your premium, but you should carefully consider such factors as how much of a discount you will receive for a given deductible, and how much you can afford to pay for each claim.
Monitored alarm system discount. Many companies offer discounts to policyholders with a monitored security system.
Gated, guarded, or single entry communities. Communities that are gated, have a security guard, or have a single entry into the community are eligible for discounts with most insurance companies.
Age of home discount or surcharge. Most companies offer discounts based on the age of the home. Newer homes receive discounts due to more stringent building codes that have been applied in recent years. Older homes typically receive surcharges based on age. This is due in part to less stringent building codes used in years past.
Type of construction. Masonry homes are less expensive to insure than frame homes due to their fire ratings.
Protection class rating. Homes that are located within 5 miles of the fire department and within 1,000 feet of a fire hydrant are less expensive to insure than homes that are not. These homes obviously have a faster fire department response time.
Territory. Where your home is located in the state can significantly impact your insurance premiums. Areas that suffer more losses (windstorm, sinkhole, etc.) have higher rates than areas that do not.
Usage. Secondary or seasonal homes will generally pay a little more than primary residents.
Credit history. Insurance companies are permitted to use credit history as one of the factors that determine risk. Stronger credit ratings can provide a discount from some companies.
Retired? If you have retired, or are over the age of 50, some carriers offer discounts.
Carrier appetite. Certain companies experience better claims histories with certain homes, locations, and age groups. Their rates reflect this by offering lower rates to those groups they have found the best experience with.

What is Citizens Insurance?

Citizens Insurance is the state of Florida’s insurance homeowners insurance program. It is meant to be an insurance of last resort for those who cannot get insurance in the open Florida insurance market place.

Serving all of Florida, including Tampa, St Petersburg, Orlando, Jacksonville, Miami, Tallahasse, Fort Lauderdale, Fort Myers, Cape Coral, Pembroke Pines, Dade City, Wesley Chapel, Zephyrhills

Disclaimer: This is only an example of how coverage could apply and does not represent any guarantee of coverage. This site contains general information relating to Florida homeowners insurance and is not intended to be a substitute for the law.

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