Florida

HO3 – Homeowners Policy

The Homeowners 3 policy form is referred to as an all-risk or open peril policy, covering your home from perils such as fire, lightning, theft and wind.  The HO3 policy also includes coverage for your personal property and other structures associated with your home, as well as temporary provisions when your home is not livable.  Personal liability and medical payments to others are also included.  Ask your insurance representative about any optional coverages you may want to add.  Carefully read the policy to determine what is covered and what is not, as well as your responsibilities in the event of a loss.

HO6 – Condominium Unit Owners Policy

The Homeowners 6 policy form is specifically designed for condominium unit owners.  In Florida, you are required by law to have this policy if you own a condominium.  The HO6 policy covers your contents and permanently attached building items inside your unit.  If your damaged unit is not livable, the policy also includes loss of use, until it can be reasonably repaired.  Personal liability and medical payments to others are also included, as is some coverage for loss assessment by the condominium association.  Ask your insurance representative about any optional coverages you may need, such as scheduled jewelry or protection for rental condominiums.  Carefully read the policy to determine what is covered and what is not, as well as your responsibilities in the event of a loss.

DP3 – Dwelling Fire Policy

The Dwelling Property 3 policy form is designed for seasonal, secondary or rental properties.  The DP3 policy covers up to four family units.  Since there is likely less need for extensive coverage of personal property items, as with a Homeowners 3 policy, the format allows you to save money by allowing you to only purchase the coverages you need.  Consult your insurance representative about additional coverages for attached structures, personal property and loss of rent, until reasonably repaired, as well as other optional coverages you may require.  Carefully read the policy to determine what is covered and what is not, as well as your responsibilities in the event of a loss.

MHO3 – Manufactured Homeowners Policy

The Manufactured Homeowners 3 policy form is referred to as a comprehensive policy, covering your manufactured home and personal property from such risks as fire, lightning, vandalism, water damage, theft and wind.  The MHO3 policy also includes personal property, limited other structures, and loss of use, until it can be reasonably repaired, if you cannot live in the manufactured home.  Personal liability and medical payments to others are also included.  Ask your insurance representative about other optional coverages you may want to add.  Carefully read the policy to determine what is covered and what is not, as well as your responsibilities in the event of a loss.  This policy covers more than an MDP1 policy, which is frequently sold in the Florida marketplace.

MDP1 – Manufactured Dwelling Fire Policy

The Manufactured Dwelling Property 1 policy form is referred to as a Basic Form policy.  This coverage is very specific in regard to the covered perils and does not provide much ability to expand.  The MDP1 policy is intended to cover homes in tenant occupancy, but can accommodate primary ownership as well.  Please ask your insurance representative about other optional coverages you may require.  Carefully read the policy to determine what is covered and what is not, as well as your responsibilities in the event of a loss.