Homeowners insurance protects your property from named perils, including natural disasters such as: hurricane, fire, windstorm and many others.
The State of Florida offers many options of coverage to different home owners. The most common one is the HO3 Form. This policy form is available for property owners occupying their property as primary residence includes coverage for the dwelling in replacement cost, contents, loss of use and personal liability. In Florida many insurance carriers offer discounts that vary from company to company.
Another well-known policy is the HO6 policy form, which is applies to condo unit owners. This policy offers limited coverage since the condominium association offers a master policy protecting the external structure of the property, leaving the internal structure coverage to the property owner's responsibility (which in this case will be covered by the insurance company).
There are other policy forms available for single-family dwellings (some condo units) called Dwelling Fire policy forms. These policy forms are usually available for tenant occupied or seasonal/second home owner occupied properties. There are 3 forms of this policy type available, DP1 (Basic Form), DP2 (Broad Form), and DP3 (Special Form). The premiums of these policies can vary depending on important factors such as location, type of usage and age of the dwelling.
Although Homeowners insurance is not mandatory in Florida, this policy is highly recommended due the seasonal hurricanes and the increase of fire and theft claims in the last few years.
Since homeowners insurance terms and conditions are reviewed every year, we suggest you keep yourself updated by reviewing The Florida Department of Financial Services website:
Renters insurance is very similar to homeowners insurance. The main difference is that the renter only need to insure his personal property and liability, because he does not own the home or apartment. This policy protects the renter from theft and any damage caused to his or her possessions.
Premiums for this policy type are usually very affordable, depending on the amount of coverage you need for your possessions. This policy is highly recommended for all tenants due to the increase in burglar and fire incidents in Central Florida.