According to Mapsofworld.com, the three most popular types of homeowner's insurance in Florida are broad form (HO-2), special form (HO-3) and modified coverage form (HO-8). These types differ in the damages they insure against, with broad form being the most basic and modified coverage form only protecting against specific items.
In Florida, broad form Insurance is a named-perils policy and usually protects against things like smoke, hail, windstorms, hooliganism, fire, lightning and falling objects. Special form insurance is the most popular coverage and is considered an open-perils police, covering any direct damage unless it is specifically excluded. Modified coverage form insurance only protects against a set list of items, and is intended for older homes where the cost of repair may exceed its value.
The threat of hurricanes, severe storms and other natural occurrences makes homeowners insurance in Florida more expensive and important. Always consider hurricanes, floods, tornadoes and sinkholes when purchasing a Florida homeowners policy. When purchasing insurance, be sure to inquire about these potential threats and the ability of the policy to cover damage from them.
The homeowners policy needed will largely depend on the finance company or lender who holds the mortgage. They will insist on specific coverage to protect their investment. Only consult a licensed Florida insurance agent, as they will be the most knowledgeable and will explain all options for you.