Anyone who has bought a property in Naples Florida has shopped for one homeowner’s insurance in Naples FL– some might call it a necessary evil; others peace of mind in times of crisis. And while most people are persuaded by banks to purchase homeowners’ insurance in Naples Fl few people understand exactly what Naples insurance company to trust, who’s the most reliable Naples insurance agency what their policy does, when to make policy changes, where to shop for it, why it is priced the way it is or – most importantly – how they can take control of the process.
It doesn’t matter whether you live in a one-bedroom flat or a five-bedroom detached house, your home is no doubt your castle. So it’s important to make sure that you have the right protection in place in case something should go wrong.
What if there was a fire or the roof was damaged in a storm? Would you be able to pay for the repairs? And where would you live if your house was uninhabitable? Your home also contains some of your most valuable possessions. Could you afford to replace your flat-screen TV or your jewelry collection if you were the target of burglars?
There are five policies that are the most frequently offered to homeowners so they can ensure their property in the state of Florida:
There are three types of policies that cover owner-occupied, single-family homes:
a) Basic Form or HO-1
HO-1 is not frequently sold nowadays, because its coverage is too narrow.
b) Broad Form or HO-2
HO-2 or Broad Form policy also covers living expenses in cases where the insured property is unsuitable for living. Some of the perils usually covered are windstorm, lightning, hail, and fire or explosion. In this type of policy, if a peril is not explicitly included, then it is excluded from coverage.
c) Special Form of HO-3
HO-3 policy – also known as Homeowners 3 or Special Form – covers any direct damage to the house and other structures on the property caused by any perils that are not explicitly excluded in the policy; this policy is the most commonly bought because it has the minimum coverage required by lenders. In the case of loss of personal property, the coverage only protects against losses due to the dangers listed on the insurance policy.
2. Condominium Unit-Owner or HO-6:
This policy primarily provides coverage for personal property and liability of the insured, as well as some coverage for the structure. This type of policy typically covers listed perils, but additional coverage can be purchased. It also provides Loss Assessment Coverage, which means it pays your share of expenses on common property loss.
3. Renters, HO-4, or Contents Broad Form:
It is a variant of the HO-2, aimed towards those who rent rooms, apartments, or houses. It covers the insured’s personal property that is within and outside the structure. Also, it includes liability insurance for damaged property and for injuries to the other people in the property. It can also include limited coverage for property alterations made by the renter.
4. Modified Coverage Form or HO-8:
This type of policy, offered by many insurers in Florida, was designed for older homes, which typically have higher replacement costs than their market value. HO-2 provides functional replacement, which implies reconstruction with less costly materials that perform the same function. This type of policy offers less coverage than the HO-2. It may include theft coverage, but it is limited to $1,000 per event.
5. Dwelling Form:
This type of policy is used to cover risks that might not be covered by the homeowner’s insurance policy. In the case of mobile homes, many insurance companies have discontinued policies for these types of homes, but a dwelling form can be issued to cover it.
If you are looking for homeowners insurance in Naples Florida, give us a call at Ackerman Insurance Services. One of our representatives will be happy to answer any questions you may have. You can also follow us on your favorite social media.
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