WATER DAMAGE: Call us FIRST at the FIRST sign of damage at 866.281.2242, or call our preferred water damage restoration partner Rytech at 800.865.8787.
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What Does Your HO3 Policy Say About Standard Risks and Coverages?

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Homeowners insurance is designed to provide you with protection in case of damage to your home from any number of causes. A standard homeowners insurance policy, or HO3 policy, typically covers damage to the main residence caused by accidents, fire, break-ins, and severe weather events. However, not all coverage is created equal. Policies may include limitations, restrictions, and caps on recoverable losses, as well as exclusions for certain types of damage, causes of damage, or property that could become damaged.

Understanding what HO3 policies generally cover can help you choose the best carrier for your needs, and lead to exploring additional options to protect any property that could fall outside the parameters of a standard policy.

Risks Typically Covered by an HO3 Policy

Your HO3 policy will cover damage to your home from a number of perils. These typically include fire, hurricanes, lightning, and other causes of damage. Your property kept in the home is also covered, although coverage for luxury items like jewelry, fine art, antique silverware and expensive electronics is usually subject to caps. Structures attached to your home are typically also covered in whole or in part.

Risks Typically Limited or Not Covered by an HO3 Policy

Certain types of perils, such as flood, are specifically excluded from Florida homeowner insurance policies (a separate policy must be acquired to cover damage from flood). Your policy may also exclude risks such as sinkholes or termite damage. Wind or wind-driven rain coverage may be limited to damage done to the structure only, and not personal belongings, and pool enclosures may only be covered for a part of the damage.

Actual Cost vs Replacement Cost

Many policies specifically identify circumstances or property damage that is not covered or only partially covered. In some cases, a loss could be partially covered, with reimbursement for the actual cash value (depreciated value) of the property. Other property may be covered at full replacement cost, which is the amount needed to buy new item(s) of similar value.

The Olympus Difference

A standard Olympus Insurance HO3 policy provides Floridians with comprehensive coverage. In addition to covering your home and its contents, most attached pool enclosures are covered at 100% replacement cost for both frames and screens. Olympus also has one of the broadest water damage coverages available on the Florida market.

In addition, Olympus offers Spartan Enhanced Coverage which can increase your protection against loss, including covering property damaged by wind driven rain and property used for business purposes that is kept at your home. Coverage for your luxury items can be increased and expanded to cover misplacement or theft, and deductibles lowered to reduce your losses and out of pocket costs in case of fire or sewer backups.

Ask your agent for quotes that provide a clear breakdown of coverage between carriers, not just the cheapest options. You might be surprised at how much more coverage you can get for only a slight increase in premiums.


This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.

Olympus Insurance is licensed by the state of Florida. Information found on this site is intended for Florida residents only.