Homeowners Insurance HO3 – HO8 – Renters Insurance HO4 – Condo Unit Owner/Renters HO6 –Dwelling/Fire – DP1 and DP3 are the most common types of coverage for Home Insurance.

 Homeowners insurance is important no matter in which part of Florida you live in.

here at JM’s Best Insurance we know how significant it is for you to find Homeowners insurance but, we also know how imperative is in the state of Florida, where hurricanes and major storms can bring unexpected disaster in the blink of an eye. By having adequate insurance coverage, you can ensure that you have the funds to repair or rebuild your home following an unforeseen incident. Of course, homeowners insurance comes in many different forms, making it difficult to decide which policy may be right for you. Here’s a look at some of the most common types of coverage.

Homeowners Form HO3
Homeowners insurance HO3 form is not just the most common policy in Florida, it is one of the most thorough forms of coverage you can purchase. It combines the features of a name and open peril policy to provide you with a comprehensives package covering your home and its contents respectively.

When it comes to your house, in other words, you are covered for everything except what is named in the official exclusion list (earth movement, war, and neglect among them). When it comes to the contents of your house, however, you are protected against only those perils specifically named in the policy (fire, hurricane, and theft among them).

While the HO3 generally represents one of the best forms of coverage you can purchase, it isn’t necessarily without its flaws. Commonly cited as a weakness in the HO3: its lack of flood water damage coverage.

While the policy does include a guard against “sudden and accidental” water damage cause by direct water (pipe leak or burst, windstorm) or indirect (fire) damage, it does not cover water damage resulting from rising waters, flood, sewers or drains backup.

The other flaw is in the named perils policy regarding your home’s contents. If you want to be fully protected, you may want to consider a policy (such as the HO5) that covers your belongings on an open perils basis.


The Modified Homeowners HO8
While full insurance coverage (such as is found in the HO3 form) covers the replacement value of your damaged property, the HO8 form is intended to insured older home or home where water damage coverage(pipe leaks or burst) is not required. This form only pays out the current cash value of the loss.

Coverage under the HO-8 named-peril policy is limited to 11 named perils only: Fire or lightning, Windstorm or hail, Explosion, Riot or civil commotion, Aircraft, Vehicles, Smoke, Vandalism or malicious mischief, Theft (limited to $1,000 for any one loss), Volcanic eruption and Catastrophic ground cover collapse.

The loss is calculated by taking a few things into account, including actual market value and depreciation that has occurred due to age and wear. Should you be forced to make a claim on the total loss of your home, the HO8 policy would pay out a benefit considerably less than a comparable HO3 policy. Even with its limitations, however, the HO8 fills an important role for those homeowners unable to afford or qualify for more attractive option.


“Commonly cited as a weakness in the HO3: its lack of flood water damage coverage. While the policy does include a guard against “sudden and accidental” water damage cause by water pipe leak or burst, it does not cover water damage resulting from rising waters, flood, sewers or drains backup.”

The Most Common Types of Coverage for Home Insurance.


For more information regarding Homeowners Insurance or to get a free quote please contact us at JM’s Best Insurance.