Homeowners Insurance can vary in the type of coverage depending on the occupancy of the property. In all cases the cost of insurance is relative to the “replacement cost” of the structure itself.  The covered “Perils” can also vary depending on the type of policy in place.  The three most often used homeowners policies are also known as:

HO-3: Written for the primary residence, this is the most common of homeowners policies and is designed to cover all aspects of the home:  the structure, contents (personal property).  There are generally other coverages built in to the policy and the premiums are usually based on several factors.  The costs are determined by such factors as the age of the home, fire and burglary protection, size (for replacement cost), improvements and/or updates to the home.

HO-4: Known as the “renters” policy this is written specifically for a tenant of a home or apartment.  The coverages are for the “renters” contents or “personal property” and can also include liability.

HO-6: Commonly known as “condominium coverage”, this policy is written for the owners of specific units in a condo building.  It covers the unit itself from “dry-wall in”, floors, ceilings, fixtures and cabinetry, as well as, the contents or personal property and liability.  With the addition in January 1, 2009 to the Florida Statue known as ” 711.116″, all condo unit owners are required to obtain coverage for their unit and name the association on the policy as an additional interest, as well as, maintain a minimum coverage for “Loss Assessment” of $2,000 per occurrence (see below).

The association shall require each owner to provide evidence of a currently effective policy of hazard and liability insurance upon request, but not more than once per year.  Upon the failure of an owner to provide a certificate of insurance issued by an insurer approved to write such insurance in this state within 30 days after the date on which a written request is delivered, the association may purchase a policy of insurance on behalf of an owner.  The cost of such a policy, together with reconstruction costs undertaken by the association but which are the responsibility of the unit owner, may be collected in the manner provided for the collection of assessments in s. 718.116.

*Such policies must include special assessment coverage of no less than $2,000 per occurrence*

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