Homeowner insurance is supposed to bring you peace of mind in times of crisis, but insurance companies often deny valid claims, undervalue losses or refuse to pay for serious issues that can lead to larger problems.
The types of homeowner insurance policies selected may play a role in whether your claim will be accepted or denied.
Have you filed an insurance claim only to have it rejected or been offered significantly less valuation on your damaged items? If there is evidence of insurance bad faith, our attorneys are prepared to fight for your rights.
At the law offices of Gordon & Doner, our team of homeowner insurance claims lawyers will review your policy and then utilize an investigative team to gather the evidence needed for a successful outcome.
Types of Homeowner Insurance Policies
At Gordon & Doner we understand that there are many different homeowner insurance policy types for Florida homeowners, which can make it difficult to understand which policy is best for you.
The different types of homeowner policies provide a combination of liability and personal property.
The policy you choose typically correlates with the type of structure to be insured and the coverage available.
Some of the more common types of policies include:
HO-1, HO-2, HO-3 – These owner-occupied policies cover a single family home for liabilities included in the policy. An HO-3 policy, or special form policy, covers the structure for all perils except those specifically excluded in the policy. An HO-3 is the most common policy chosen by homeowners.
HO-6 – A Condo unit-owner form covers some structural damage and personal property. These policies typically cover the perils listed in the policy.
HO-4 – If you rent a home or condominium, you may wish to purchase an HO-4 form, which will cover personal property in the rental property, including any upgrades you paid for, such as new kitchen cabinets.
HO-8 – A Modified Coverage Form offers less coverage and is typically purchased for older homes.
The experienced lawyers at Gordon & Doner are knowledgeable in homeowner insurance policy types and can help you determine if the property damage in your home is covered. Furthermore, if your claim has been denied, an attorney can speak to an insurance company on your behalf so that you may receive the benefits needed to restore your home.
For a free case evaluation, call 1 (855) 722-2552
What is Included in a Homeowner Insurance Policy?
Understanding the different types of homeowner insurance policies can be difficult. However, homeowners must be well-versed in what is and is not covered before signing up for a specific policy.
Homeowners and renters must first choose from three different options.
Actual cash value – These types of homeowner insurance policies will pay for home replacement or the replacement of possessions minus a deduction for value depreciation.
Replacement cost – Homeowner insurance policy types like these will pay for the cost of rebuilding/repairing/replacing the home or possessions without a deduction for depreciation.
Guaranteed or extended replacement costs – This policy will pay the cost to rebuild a home as it was before the disaster, even if the cost of rebuilding exceeds the policy limit. However, it will not cover the cost of upgrading the home to comply with current building codes. These types of homeowner insurance policies may not be available if you own an older home.
From the available homeowner insurance policy types, a policy holder must also determine what perils will be covered. Most policies will have a section explaining exclusions. Under exclusions, homeowners will read which perils may not be covered under the policy. For example, property damage may not be covered if it is revealed that homeowner neglect led to the damage.
Though Florida is well-known for hurricanes and a rainy season, not all policies include water damage caused by flooding. Read over an insurance policy thoroughly to determine if you need to purchase additional types of homeowner insurance policies.
How a Homeowner Insurance Lawyer Can Help
The different kinds of homeowner insurance policy types can be confusing for new and experienced homeowners. The lawyers at Gordon & Doner can examine your policy to determine coverage and if the insurance company owes you compensation.
With more than 180 years of combined legal experience, our team has handled water damage claims, property damage demands and more. We can investigate previous and current home inspections, audit documents and request insurance documents, which can be helpful in settling a claim dispute.
If you have questions about the homeowner insurance policy types available or need help disputing a wrongfully denied claim, contact our firm for a free legal evaluation.