Citizens Insurance Florida – Type Of Policies
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Citizens Insurance Florida or officially called Citizens Property Insurance Corporation is a government-owned not-for-profit organization to provide homeowners insurance for residents of Florida in case they cannot purchase coverage policies from private companies due to various reasons. Although it is not-for-profit organization, every procedure is run professionally from the underwriting process to the claim payout when necessary. The organization was created by government for the people. Citizens Property Insurance Corporation specifically offers hurricane or windstorm coverage. Florida is prone to natural disasters, but insurance companies both Citizens Insurance and all private insurers in the state have adapted to the circumstance quite well by providing some different policies as follows.

1. Owner-occupied Policy: this policy will cover single family home for any peril specified in the policy. There are two types of owner-occupied policy including Broad and Basic Form. It is also possible to purchase special form of policies to cover your house structure for all perils except those that are excluded.

2. Condominium: a condo owner needs a different type of policy called Condominium Unit-Owners. The policy covers the structure but primarily the personal property and liability of the insured. There are some perils included in the policy, but you can broaden the protection by purchasing additional coverage.

In case condominium is shared by more than one person, there is Loss Assessment Coverage. If damages occur to certain shared-property, the insurance will pay the amount of your share. This particular policy requires a minimum deductible of $250 and loss assessment coverage of $2,000.

3. Renters: the policy for renters is called HO-4 to cover personal property and liability. This policy is also used by those who lease home.

4. Modified Coverage Policy: plenty of insurance companies in Florida offer this policy (HO-8). It usually has less coverage compared to those of Broad Owner-occupied Policy. Some companies even offer only this policy.

5. Dwelling: sometimes a home or structure is not occupied by the actual owners or not occupied at all. In this case, owner-occupied is not applicable. The structure must be insured with Dwelling Policy. This policy is also applicable if you have a home that is not currently used or you rent it to other people.

6. Mobile Home: in the past, some insurers offer mobile home policy, but it was basically a copy of homeowners’ policies. Many insurance companies stop offering such policy and use dwelling policy instead to cover mobile home.

Many insurance companies in Florida provide all the aforementioned policies, but if you find difficulties acquiring one, the Citizens Insurance is state-mandated to provide coverage for you. Please put in mind that standard homeowners’ policy limits coverage on non-structure property such as boats, antiques, jewelries, and other valuables. If you need such policy, you can purchase additional coverage for your valuables.


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