Typically, Florida homeowners obtain a standard HO3 policy. This type of homeowner’s insurance can cover residents for many of the important liability issues they face. The HO8 policy, however, does not offer much of the same coverage.
Largo, FL (PRWEB) February 20, 2013
Homeowners in Florida will be faced with some changes in their options for homeowner’s insurance at the end of February. The agents at Patrons Insurance Agency, Inc. want residents to be aware that the new policy offering is different from the one they may be currently familiar with.
Known as the HO8 policy, this is a modified homeowners policy. Typically, Florida homeowners obtain a standard HO3 policy. This type of homeowners insurance can cover residents for many of the important liability issues they face. The HO8 policy, however, does not offer the same exact coverage. Therefore, Patrons Insurance Agency, Inc. wants residents to make an informed decision about the type of the policy they are purchasing.
An HO8 policy DOES NOT cover the following:
- Water Damage Coverage: Water damage is one of the most common homeowners insurance claims filed. This includes leaking pipes, overflow from appliances and rain damage from leaking roofs.
- Replacement Cost Coverage on Personal Property: This allows an insurance company to depreciate belongings and pay cash value for them instead of actually replacing them.
- Coverage for Falling Objects, Including Trees: In the state of Florida, Hurricane Season means that falling trees are a major cause of damage to resident’s homes.
- Mold Coverage: For homeowner’s, a small water leak can turn into extensive, and costly, mold damage.
- Theft Coverage for Personal Property off Premises: For example, if a resident’s laptop is stolen from their car, with an HO8 policy, there is no coverage for the stolen property. Theft coverage is also limited $1,000 per occurrence.
Although an HO8 policy will cost nearly 22% less than a standard HO3 policy, the Florida insurance agents at Patrons Insurance Agency, Inc., urge homeowners to consider everything their homeowners insurance policy will cover before making a purchase decision based on price.
It is essential for homeowners to understand what their homeowner’s insurance policy covers. Depending on the policy, there are varying ranges of coverage. Depending on the policy, the cost of a claim could be drastically different. Those with questions or concerns are encouraged to give the trusted Florida agents at Patrons Insurance Agency, Inc. a call right away. They are more than happy to offer more information and advice.
About Patrons Insurance Agency, Inc.:
Patrons Insurance Agency, Inc. is a family owned and operated Florida insurance agency. The agency has been protecting families and businesses since 1991, and it works with each client to get the best coverage for his or her unique situation at the lowest possible cost. The fact that it is an independent insurance agency means that Patrons Insurance Agency, Inc. works for you, not the insurance companies. You’re more than a number to us. Our clients are our friends and neighbors. They’re real people who need real solutions to their insurance concerns. At Patrons Insurance Agency, Inc. we’re proud to offer the more effective home, auto, business and health insurance solutions – and so much more!