HO3 home insurance, also known as an HO3 policy, is a popular type of homeowners insurance in the United States. It offers broad coverage for both the structure of a home and the personal belongings inside it. This policy protects against various risks and perils, such as fire, windstorms, hail, lightning, and vandalism. It includes coverage for the dwelling itself, including the roof, walls, and foundation, as well as personal property like furniture, appliances, clothing, and electronics. HO3 policies often include liability coverage, which safeguards homeowners in case of injuries or property damage on their premises for which they are deemed responsible. While certain perils like floods or earthquakes are generally not covered, homeowners can customize their policies by adding endorsements or obtaining separate coverage for those specific risks. It's important to review the policy details and consult with an insurance professional to ensure an HO3 policy meets individual needs and preferences.
Home insurance provides coverage for a several different types of risks. These include:
  • Property damage: This includes damage to your residence and/or detached structures. You will receive compensation, up to the limits of your policy, if your house or storage shed is damaged due to a covered hazard. Standard covered circumstances include things like Fire and Theft, but other hazards such as earthquakes and floods are excluded. Every Policy is unique be sure to check your Home insurance policy for exclusions.
  • Personal property loss: Includes damage or theft of personal property, up to your set policy limits for covered circumstances, which typically excludes flooding, earthquakes, and personal negligence. If your personal property is very valuable (such as collectibles or antiques) you’ll likely need additional “riders” or special endorsements on your policy. Be sure to talk with us about your personal belongings and valuables, as standard limits may not be adequate.
  • Personal liability: If you, your family member, or even your pet causes an accident, injury or property damage, your Home insurance can protect you. Whether the issue requires medical care or repair of property, you will typically have coverage up to your liability limits. There are exclusions, so it is important to fully understand your liability coverage. Be sure to talk with us about how to choose adequate policy limits that protect your finances.
  • Additonal living expenses: If your house is uninhabitable, your Home insurance can pay for alternative living arrangements while your home is repaired or rebuilt. Depending upon the specifics of your policy, this may be an optional coverage.
You may or may not be required to have Home insurance, but your mortgage lender typically will require coverage in order to provide a home loan. Even if you own your Home outright and you are not required to buy Home insurance, it’s still a good idea to protect your investment with an insurance policy. Home Insurance policies also typically include liability coverage at a substantial discount vs buying a freestanding liability policy.
The value of your Home and the amount of coverage you buy will largely decide the amount you will pay. There are other factors that can affect your premium as well, including things like the Concrete Block vs Frame Construction, and how many claims you have filed in the past.

Because there are so many factors that affect the price your Home insurance, annual premium can range anywhere from $350 to over $1500, or more for a high value home. If you choose additional coverage, you may pay a higher premium.
Home insurance is not included in your mortgage payment, unless it is escrowed. Today, creating an escrow account that covers your mortgage payments, your home insurance and even your property taxes is common practice.

Additionally, your mortgage insurance is typically included in your mortgage payment. This is paid if your loan exceeds 80 percent of your home’s value. Mortgage insurance does not insure your home. It insures the bank if you default on your loan.
Home insurance is often heavily discounted, finding out what discounts you are eligible for is easier when you know what discounts are available.

Most Companies Will Give Discounts for the Following
  • Monitored Burglar Alarm
  • Monitored Fire Alarm
  • Full Fire Sprinklers
  • Gated Entry Into Neighborhood
  • Wind Mitigation Inspections
  • Hurricane Impact Glass
  • 24 Hour Security
  • Fire Sprinklers

There are usually several discounts that you are available for, Be sure to ask us to review your policy to see if you are getting all the discounts you are entitled to.

Have More Questions About HO3 Home Insurance? Feel Free To Ask Us On Our Live Chat, The Phone, or Through Email

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3895 Lake Emma Rd - Suite 143
Lake Mary, FL 32746
Phone 321-332-0321