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.
