Ameriway Insurance Company
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Frame Built Homes (HO3)

Residential Premium - How Rates are Determined

Property Insurance Premium Rates are developed using several factors:

  1. The location of the property (territory):
    • city, county, zip code can be used to establish the territory.
  1. The amount of coverage:
    • The amount of insurance on the dwelling.
  1. The fire protection class:
    • The rating of the fire department in that territory, i.e. 1-10 established by ISO.
    • Class 1 rating represents exemplary fire protection.
    • Class 10 indicates that the areas fire-suppression program does not meet ISOs minimum criteria.
  1. Mitigation Credits:
    • Less credits given for items to reduce hurricane/windstorm losses.
  1. The construction of the dwelling:
    • Is the dwelling constructed of wood frame, concrete block, or brick.
  1. Insurance companies
    • charge a higher premium according to the age of the dwelling.
  1. Insurance companies
    • charge a higher premium if you did not have insurance prior to their policy (no prior coverage).

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Manufactured Homes (MHO-3)

What Is a Mobile Home/Manufactured Home?

A mobile/manufactured home is a dwelling which is:

  • Built on an integral chassis in a factory
  • Transportable in one or more sections
  • And which is eight feet or more in width.

All single family mobile/manufactured homes manufactured since June of 1976 must be built in accordance with the Manufactured Housing Construction and Safety Standards (MHCSS) established by the U.S. Department of Housing and Urban Development (HUD), and must display a label certifying compliance.

One of every three homes constructed in Florida is a mobile/ manufactured home.

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Condominiums (HO-6)

When purchasing individual condo insurance (also called HO-6 Insurance) remember the "Condominiums Master Policy" provides coverage for common areas such as:

  • Building exteriors
  • Common Walls
  • Elevators
  • Hallway
  • Lobbies
  • Outside railings
  • Posts
  • Windows
  • etc.

The"Condominiums Master Policy"will not provide coverage towards unit owners or renter's personal items such as:

  • Appliances
  • Clothing
  • Fixtures
  • Furniture
  • i.e, your items between the walls of the Condo

You need to have your own coverage for the interior construction of the apartment which is not part of the common areas. When you get and "Individual HO-6" policy, you are getting protection from catastrophes such as fire, hurricane, wind, water damage and more.

A condominium HO6 policy will provide protection for:

  • The owner's "Personal Property"

  • And
  • include personal liability

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Renters (HO-4)

If your neighbor starts a fire that destroys your property, your neighbor will not replace your items....but a renters policy will!

Call today for a quote!

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