If you are a resident in Fort Lauderdale, you want to be able to protect your home from different dangers, may it be natural or man-made. But choosing the right insurance policy can be tricky especially if you are not familiar with how insurance really works.
To help you have an idea about which insurance policy to take, here are some things you should know.
Insurance Policy Based On Your Home
Not every home is the same so there are different policies to cover each one. The three most often used are the following:
HO-3. This policy is for people who actually own their residence. The policy is designed to cover almost all aspects of your home including its structure and personal properties. There usually are a number of other coverage tied into the policy and the insurance premium is usually determined based on the following:
- Age of home
- Fire and burglary protection
- Replacement cost
- Improvement and updates to the property
HO-4. This home insurance policy is designed for people who do not own their house but are merely renting or leasing. The coverage of this policy is usually only limited to the personal properties of the tenant and liabilities.
HO-6. This policy, on the other hand, is designed also for homeowners but those who own condominium units. As the responsibility for the whole structure is not wholly on the owner, the HO-3 policy may not be the best option for them. Under the Florida Statute 711.116, condo unit owners need to get coverage for their unit, and name the association on the policy as an additional interest. The statute also requires them to maintain a minimum coverage for “Loss Assessment” of $2,000 per occurrence. The policy covers the unit itself (not the […]