Some of the most unfortunate situations we encounter in our work as hurricane damage adjusters are when homeowners do not know exactly what their insurance policy covers. As we discussed in a previous blog, one of the key myths policyholders still believe is that their hurricane coverage will pay for flood damage.
In reality, you need to be very careful when you purchase home insurance. There are different coverage options. Each has increasingly higher premiums. Choosing the least expensive insurance means that you will be compensated for specific events. Many others may exclude this.
Hurricane Damage Adjusters Advise You to Know What Type of Insurance You Buy
The Florida Office of Insurance Regulations offers detailed information about all the types of policies you can purchase for various types of property. In this article we will focus on the three most popular types of home insurance.
Our hurricane public adjusters are extremely knowledgeable in all matters concerning home insurances. They have knowledge on the type of coverage you have to the negotiation of a fair payout when you need to file a claim. Here are, then, the differences between three different types of home insurances:
HO-1 Basic Form Insurance Policy
This is the most affordable type of home insurance. But hurricane damage adjusters do not recommend it. In the state of Florida. HO-1 insurance covers only the following events:
- Fire or smoke
- Hail and windstorms
- Theft and vandalism
- Damages from vehicles and aircraft
- Riots and civil commotions
- Volcanic eruptions.
This type of insurance does not cover any type of flooding (either from outside or from inside your home) and electrical fires caused by faulty wires.
HO-2 Broad Form Insurance Policy
This is actually the most popular type of home insurance in Florida. It is only slightly more expensive than the basic form. But it also covers flooding, backflows, electrical fires, and damages caused by falling objects.
If you have this type of coverage, hurricane damage adjusters can definitely help you maximize your claim payout if your home gets damaged by various natural disasters.
HO-3 Special Form Insurance Policy
This is the most comprehensive type of insurance policy, and our hurricane damage adjusters recommend it to anyone who wants to know that they will get paid in case of many disasters. It is called a special type of insurance because it includes all types of events, with the exception of those specifically excluded by the insurance company.
We encourage you to contact our hurricane damage adjusters to know what exactly your policy covers and how to fight your insurer’s attempts to underpay your claim.