The standard condo insurance policy (commonly known as an HO-6 policy) will typically not cover flood damage that results from external sources such as storm surges, heavy rain or overflowing rivers. However, it often does cover water damage caused by internal sources such as a burst pipe. If you want insurance for personal property and structural repairs, you will require a separate flood insurance policy, generally FEMA or NFIP. Your insurance agent should be able to help you determine your risk for your specific flood zone. The risk is generally higher in coastal areas. 

What Is and Is Not Covered

It is important to note that condo insurance only covers flood damage situated entirely within the unit. Any sudden, accidental water damage to property in your unit caused by something like a broken pipe or the neighbor’s overflow may be covered. Anything caused by groundwater from sewer back-ups, hurricanes or storms is not covered. For this you will need flood insurance. Your typical HOA master policy will cover the building’s exterior and common areas such as hallways and lobbies from floods. However, it will not cover inner unit upgrades or personal belongings. Separate flood insurance is required for personal property, walls and flooring. Insurance against sewer back up will often require an extra, separate endorsement. 

Americas Insurance Associates Serving Florida

If you live in Florida and are in the market for condo insurance, please contact us at Americas Insurance Associates. We will put you in contact with a courteous and knowledgeable agent dedicated to helping you find just the right policy that is best suited for you and your unique needs. 

You know you need condo insurance to cover your belongings and other property if you own a condominium. You likely also know that your condo association has a master policy. However, if you’re a first-time owner, you might not know exactly where the master policy’s coverage ends and your policy begins. You might even assume that because there’s a master policy, you wouldn’t need insurance at all. If you want to know why it’s so important that you get your own insurance after double-checking the type of master policy your association has in Florida, Americas Insurance Associates can help you out.

Picking up Where the Master Policy Leaves Off

Master policies come in three main types. The difference between them is in how far they go into an owner’s unit to cover property. For example, a bare-walls policy covers just that: the basic structure of the building, meaning wiring, drywall, and so on. That policy wouldn’t cover the original light fixtures that came with the condo, for example. Your condo insurance policy would need to be able to cover those items if they were damaged.

But if the association had an all-in policy, then that master policy would cover things like original fixtures and cabinets. The insurance you’d need to get wouldn’t need to be quite as wide-ranging because the master policy would cover so much more in your unit. You’d still need insurance, however, because that master policy won’t cover your furniture or other belongings. If all of that were to become damaged, you’d be out a lot of money if you didn’t have your own policy.

If you’re in Florida, contact Americas Insurance Associates to discuss condo insurance. We work with owners from Boca Raton to Sarasota and beyond.