Insurance Policy in Florida

Published in 9 March, 2022

It’s always very important to know in depth how the insurance policy in Florida works, especially if it is for your home. This insurance protects your financial interests if your home is damaged or destroyed by a natural phenomenon. Whether it’s a fire, windstorm or hurricane, the policy covers these perils.

Insurance policy coverage varies from one insurer to another. That is the reason it’s important that you take good advice and check well in advance what is included in the insurance coverage in Florida, and if you have an insurance policy, make sure that it covers everything you need. Once the loss occurs, it will be very difficult to obtain additional coverage.

But without making the explanation any longer, in this article we are going to mention some insurance policies in Florida. Let’s get started!


Types of Homeowner’s Insurance Policies in Florida


There are different types of homeowners insurance policies. Most of the time this type of policy has similarity with the type of structure to be insured and how the structure is occupied, that is, the type of policy also correlates with the coverage that is available.

Let’s see what is the difference of each one, the types of policies are as follows:

  1. Owner Occupied: This type of policy covers the basic or broad coverage forms (perils that are previously specified in the policy) and also this type of insurance offers special coverage (covers all perils except those specified as not necessary within the policy form).

2.Condominium Unit Owners: This type of policy requires a Condominium Unit Owners form, this serves to cover some of the structure, but is mainly intended to cover personal property and the liability of the insured.

These policies cover only the perils named within the coverage form, although you can extend it with an endorsement, you can improve the coverage except for what is in the contract.

This type of insurance policy in Florida also allows you to obtain loss assessment coverage. What does this mean? You pay your share of the expenses of the loss, that is shared by several owners of the same unit and they range from $2000 with a loss assessment of no more than $250.

  1. Renters: In this case if you lease or rent the dwelling, you also need a renters policy, this has personal property and liability coverage, it’s a good option to insure your unit.
  2. Modified Coverage Form: There are many Florida insurers that offer this service, but it’s necessary to clarify what coverage it has; this type of policy is responsible for covering a little less than basic or broad coverage, everything will depend on the underwriting contained in the insurance company you are going to.
  3. Housing Form: This is a property policy that covers risks that do not qualify for a homeowner’s policy, which is why they have this different name, and this dwelling form can be used on older homes, rented or for other underwriting reasons.


6.Mobile Homes: Very few insurance companies cover these types of homes, however, there are forms that apply to coverage for these basic or comprehensive homes and with certain specifications on the form.


How do insurance policy coverages work in Florida?


In general, insurance policy coverages work as follows: they cover the dwelling, attached or non-attached structures and personal property.

They almost always include Additional Living Expenses and liability coverage, and these policies go hand in hand with specified policy limits.

ALE’s provide indemnity for all those additional “expenses”. In the event that the insured must live elsewhere due to a covered loss of the covered residence, ALE pays these “additional” expenses on a reasonable basis until such time as the property can be inhabited.

These coverages have certain special limits with the following items: jewelry, weapons, leather garments, money, cameras, art or antiques. You should review the list in your policy and talk to an insurance advisor about additional coverage, if needed.

Finally, keep in mind that flood damage is not usually covered by homeowner’s insurance policies, so if you need that type of coverage you should go ahead and purchase a policy specifically for flood damage.


Interesting facts about insurance policy coverage in Florida


With respect to replacement cost versus actual cash value, most replacement cost policies require that you have limits to cover a certain percentage of the replacement cost value (usually 80%). If you do not have sufficient insurance coverage, you may be responsible for a percentage of the partial loss.

Both types of contracts are available in Florida. You should consult your own contract to determine how your loss will be resolved.

On the other hand, the projection against inflation is also important to understand how it works. In homeowner’s insurance coverage, you need to be aware that even if companies include inflationary projection in the clause, it doesn’t guarantee that values will increase enough to cover the cost of construction.

If a policyholder has concerns regarding the amount of coverage, they should talk to their agent about completing a new replacement cost estimate for their home. And at Let Us Claim, we will always be available to help you with this type of paperwork at no additional cost. We have the experience to guide you through the insurance claim process.


Our Agents will give you advice.

We cover all of Florida!

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