The HO8 policy is a stripped down version of an HO3 regular Home Insurance policy. Citizens HO3 is already stripped down so the only 2 things to remove is coverage for water claims and relacement cost on the contents. Regulators with the Florida OIR want these options available, but the rates would be so close to the HO 3 why bother and now more would be attracted to Citizens instead of having them look  elsewhere which is the goal. Jeff Grady of the FAIA seems very disappointed with this new policy and the issues as it is “another good idea gone bad.” If the regulators would simply let Citizens determine their own rates to be actuarily sound, they would be much higher.This is what barry Gilway of citizens and Governor Rick scott want anyway. Then the HO8 option would see better for some, but the ones who want to shop will find themselves saving money because the rate Hikes would be 25% or more annually. In Fort Lauderdale this means up to 50% in some areas and then everyone will want to shop and depopulation will be much easier as well. My agency would not want to sell the HO8 policy as it has no water claim coverage and it seems that most claims we see come from water issues with older pipes. I do not like finding myself in court with clients that forget this point and when a claim occurs all they want to do is sue me so I avaoid the issue. Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, business & Commercial and life Insurance as well and please enjoy the full article below;