Which Type of Homeowners Insurance Is Right for You?

Florida Homeowners InsuranceFinding the right insurance policy for you can be a bit mystifying, especially if you’ve never shopped for it before. Making sure you’re covered in the event of damage to your home is important, though, so it’s vital to know what you’re buying before finding out too late that your policy doesn’t cover a certain type of damage to your property. Here is a list of the types of homeowners, renters, and condo insurance policies available today with a brief overview of each to help you narrow your search.


This type of policy insures the dwelling as well as private structures on the property with  several named perils  such as fire, wind, falling objects and plumbing water damage.


HO3 Homeowners Insurance policies are the most common coverage used for single family homes. They expand the coverage offered in an HO2 policy to include additional risks to the dwelling and private structures, as well as a large amount of named perils to the contents of the home. Losses are usually paid according to replacement costs and include personal liability coverage.


Sometimes referred to as renters insurance, this insurance policy protects tenants from damage to property, specifically unscheduled personal property. It covers property against a large amount of named perils such as theft and fire.  Items are usually replaced at replacement cost. It also includes personal liability coverage.


This insurance policy expands the coverage offered in the HO3. This is the broadest available homeowners form, as it covers on an “all risks” basis. That means you don’t have to prove damage is due to one of the named perils, but it also makes the policy more expensive. Underwriting guidelines could also be more strict, so newer houses are more likely to be approved.


HO6 is for owners of condominiums who need personal property and liability coverage. It is comparable to the HO3 policy, although its coverage for property is less inclusive since it does not cover any of the building structure. HO6 is widely known as condo insurance.


This form of coverage is designed primarily for older homes, especially those that have replacement costs exceeding their market value. HO8 provides basic coverage for named perils. 

Your agent can help you identify the right amount of coverage based on your individual needs.  Visit heritagepci.com to learn more about insurance options and find the policy that works best for you and your family, no matter where you call home.