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Florida Department of Financial Services

Homeowners Insurance Overview (types of policies HO-3/HO-4/HO-6/HO-8, dwelling form, mobile home, coverages, replacement cost vs actual cash value, inflation guard, inspections)

Publisher: Florida Department of Financial Services, Division of Consumer...
Edition: undated page
Last checked: 2026-09-29
Status: Publication of the Florida Department of Financial Services, Division of Consumer...

Edition and licensing notes

Publisher. Florida Department of Financial Services, Division of Consumer Services (www.myfloridacfo.com)

Edition. undated page; retrieved 2026-09-29

Status. Publication of the Florida Department of Financial Services, Division of Consumer Services / Office of the Insurance Consumer Advocate.

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What this document is

Florida Department of Financial Services - Homeowners Insurance Overview (types of policies HO-3/HO-4/HO-6/HO-8, dwelling form, mobile home, coverages, replacement cost vs actual cash value, inflation guard, inspections) is a reference published by Florida Department of Financial Services, Division of Consumer Services (www.myfloridacfo.com). It is one of the Florida documents that insurance license exam questions are written from, including florida property & casualty, florida personal lines, florida claims adjuster practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

Florida DFS, Homeowners Insurance Overview, Types of Policies (Owner-Occupied)
“The main difference between policies which cover an owner-occupied, single-family home is the perils covered. Basic or Broad Form policies (HO-1, HO-2) cover the structure for specified perils shown in the policy. Special form policies (HO-3) cover the structure for all perils except those...”
Florida DFS, Homeowners Insurance Overview, Types of Policies (Modified Coverage Form)
“The (HO-8) offers less coverage than the (HO-2). However, due to the company’s underwriting criteria, this may be the only coverage form offered by the insurer. This form is mostly used for older homes.”
Florida DFS, Homeowners Insurance Overview, Types of Policies (HO-6)
“Condo unit owners need a Condominium Unit-Owners Form (HO-6) which provides some coverage for the structure but primarily covers the personal property and liability of the insured.”
Florida DFS, Homeowners Insurance Overview, Common Claim Concerns (Valued Policy Law)
“Valued Policy Law: In the event of the total loss of any building, structure, or mobile home, the insurer's liability under the policy for the loss is the face amount of the policy, if such loss was caused by a covered peril.”
Florida DFS, Homeowners Insurance Overview, Nonrenewal Limitations (Credit Report/Score)
“Credit Report/Score: Insurers cannot nonrenew a homeowner's policy solely based on information from a credit report, for having no credit history, or for having an adverse credit history due to medical bills.”
Florida DFS, Homeowners Insurance Overview (Additional Living Expenses)
“Additional Living Expenses (ALE) provides indemnity for "additional" expenses of an insured who must live elsewhere due to a covered loss to the insured residence. ALE pays only reasonable "excess" expenses until the property is habitable.”
Florida DFS, Homeowners Insurance Overview (Actual Cash Value vs. Replacement Cost)
“Most replacement cost policies require you to carry limits equal to a certain percentage of the replacement value (normally 80%). If you fail to carry the correct amount of insurance coverage, you may be responsible for a percentage of a partial loss.”
Florida Department of Financial Services, Homeowners Insurance Overview (undated page, retrieved 2026-09-29), Insured's duties after a loss
“Initial and reopened property damage claims must be reported within 1 year after the date of loss. Any supplemental claims must be reported within 18 months after the date of loss.”
Florida Department of Financial Services, Homeowners Insurance Overview (undated page, retrieved 2026-09-29), Timeframe for Payment of Claim
“Timeframe for Payment of Claim: Within 60 days after an insurer receives notice of a new, reopened or supplement property insurance claim, the insurer must pay or deny the claim. If the settlement amount is contested, the insurer should pay all uncontested amounts within the 60-day timeframe unless...”
Florida Department of Financial Services, Homeowners Insurance Overview (undated page, retrieved 2026-09-29), Insurer's duty to acknowledge claim communications
“Insurer's duty to acknowledge claim communications: An insurance company must review and acknowledge receipt of a claim-related communication within 7 calendar days, unless payment is made within that period, or unless the failure to acknowledge is caused by factors beyond the insurer's control.* A...”
Florida Department of Financial Services, Homeowners Insurance Overview (undated page, retrieved 2026-09-29), coverage amount and inflation guard
“Many insurance companies include a provision known as inflation guard in homeowners' insurance policies, so values increase on a yearly basis. However, this does not guarantee that the annual percentage increase is sufficient to keep up with the cost of construction. This provision helps prevent...”
Florida Department of Financial Services, Homeowners Insurance Overview (undated page, retrieved 2026-09-29), Cancellation Limitations (Act of God claims)
“Act of God Claims: Only under certain circumstances is it permissible for claims on property insurance policies that are the result of an "Act of God", to be cited as the reason for cancellation. The insurer must demonstrate, by claims frequency or otherwise, that the insured has failed to take...”

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No. This page summarizes the document and links to the official version. Always rely on the text published by Florida Department of Financial Services, Division of Consumer Services (www.myfloridacfo.com) for the current law.

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