Condos are a popular housing choice statewide, especially on the Florida coastlines. Here at Americas Insurance Associates, we understand that insuring a condo isn’t as straightforward as getting a policy for other types of properties.
Condominium associations generally have a policy in place that covers common areas and the building’s exterior, but the interiors of your unit aren’t covered. This is why having adequate insurance with an outside policy is essential and may even be required by the property association.
What Does a Condo Insurance Policy in Florida Cover?
When buying condo insurance, expect a basic policy to include the following.
- Dwelling Coverage—This includes the unit’s interior physical structure that is not included by the community’s master policy.
- Personal Property Coverage—All of your belongings in the unit including appliances and furniture can be covered at current or full-replacement value. High-value items may require additional coverage.
- Personal Liability Coverage—Should an injury of a guest in your unit occur or their property is somehow damaged due to your responsibility, this policy covers medical fees and any legal expenses.
- Additional Living Expenses—Should a disaster like a hurricane occur and the unit is not habitable, the policy may pay living expenses, meals, and commuting costs.
Do note that additional policies may be necessary to cover damage due to flooding, earthquakes, seizures, and demolitions by the government.
Determining How Much Condo Insurance You Need
Of course, the value of Florida condos varies drastically, with options from the hundreds of thousands up to several million. Some guidelines to determine how much insurance you need include several factors.
Unless your condo is paid off, mortgage providers typically require you to carry at least 20% of the unit’s appraised value in insurance. Personal coverage will depend on how many valuables you have. Most minimum liability limits are at $100,000, yet most opt to carry $300,000 or more in coverage.
Schedule A Consultation Today
At Americas Insurance Associates we serve all of Florida and offer customized condominium insurance for our customers. If you’d like to receive a quote, please contact us online or call us to speak to a representative for assistance in making an assessment of how much insurance is needed to adequately cover your condo.
Are you a condo owner in Florida? Protect it with condo insurance provided by Americas Insurance Associates.
Benefits of Condo Insurance
Condo insurance is a blend of coverage that protects your investment against perils such as theft, fire, accidental injuries to visitors, and living expenses if you are temporarily displaced from your home due to a covered peril. Your condo insurance policy covers you for things that are not covered by a master homeowners association policy.
As the owner of a condo, you do not own the building or land your home sits on, but you still need good insurance for your condo and personal possessions. You cannot depend on the homeowners association (HOA) master policy.
Each condo owner requires their own insurance policy to be protected properly.
A condo insurance policy covers:
- ALE or additional living expenses, commonly known as “loss of use”, will help pay for extra living expenses such as meals, lodging, pet boarding, and laundry if you are unable to live in your condo due to a problem covered by your policy.
- Interior walls – this helps pay for repairs to the inside walls of your condo. Other inside items such as cabinets and built-in bookshelves are damaged by a problem covered by the policy.
- Liability coverage is for accidental injuries and damage to others’ property. Things such as a dog bite or your child kicking a ball through a neighbor’s window will be covered.
- Medical payments to others will cover medical expenses for minor injuries that occur in your condo, like a visitor who slips and falls on a wet kitchen floor.
- The personal property portion of the policy covers items such as furniture, electronics, clothing, kitchen utensils and appliances, jewelry, artwork, and musical instruments.
Reach Out To Us
If you own a condo in Florida or are thinking of purchasing one, contact the professionals at Americas Insurance Associates to obtain the coverage you need.
If you are a homeowner, it’s important to have homeowners insurance. But what if you live in a condominium? Do you need a different type of insurance? The answer is yes – condominium owners need condominium insurance. This type of insurance protects your belongings and covers damage to the building. Americas Insurance Associates in Florida can help you navigate this important coverage.
Here are some of the unique features of condo insurance:
It’s Sometimes Called "HO- six" Insurance
If you live in a condominium in Florida, you may have heard your insurance agent refer to your policy as "HO- six" insurance. This is just another way of saying that it’s a type of homeowners insurance specifically designed for people who live in condos.
HO- six insurance policies differ from standard homeowners insurance policies in a few key ways. For one thing, they typically cover things like your unit’s walls, floors, and ceilings – as well as any fixtures or appliances that are permanently attached to the unit. They also cover any common areas that the condo association owns.
Loss Assessment Coverage Is Important
One of the most important features of condominium insurance is something called "loss assessment coverage." This helps protect you in the event that you are held liable for damages to common areas or any special assessments levied by the condo association. Talk to an agent from Americas Insurance Associates to find out more about this policy.
Guest Medical Coverage
This feature helps pay for medical bills if a guest is injured while on your property. For example, let’s say your child has a friend over to play, and the friend falls down the stairs. If you have guest medical coverage, your insurance policy will help pay for any resulting medical bills – up to the limit of your coverage.
Personal Property Coverage
This feature helps protect your personal belongings in the event of a covered loss, such as a fire or theft. For example, let’s say your condo is burglarized and your laptop, TV, and jewelry are stolen. If you have personal property coverage, your insurance policy will help pay to replace these items – up to the limit of your coverage.
Contact Us Today
As you can see, condominium insurance is a unique and important type of insurance. If you own a condo in Florida, talk to your Americas Insurance Associates agent about getting the right coverage for your needs.