Condo Insurance Florida | For many Floridians, owning a home is a dream. Not so dreamy: lawn care, exterior maintenance and general upkeep can be time consuming and expensive. Condos can be a great option for those looking to downsize, minimize or simplify their home life. Once you begin considering the purchase of a condo, you’ll need to know how to insure your new home.
What is the difference between a condo insurance policy and a standard home insurance policy?
Homeowners need insurance to protect the exterior and interior of their home. For condos, there are actually two types of policies that are required: a master policy for the building and common areas (exterior), and an individual policy for each unit (interior). The Condo Association of a condominium is required to carry the master policy, while individual condo owners purchase a policy for their unit.
The master policy covers:
- Damage to the exterior of the building such as roofing and siding repairs needed after a storm.
- Common areas and amenities like tennis courts, pools and exercise rooms as well as lobbies and elevators.
- Liability for any injuries that occur in the common areas or lawsuits that may result from accidents.
Your individual policy covers:
- Damage to the property inside the walls of your condo, including added structures like built in bookshelves or kitchen remodels.
- Your personal property if stolen or damaged in a named peril. This applies to televisions, furniture and more up to a specified limit.
- Liability if someone is injured while visiting you in your home.
- Additional living expenses (ALE) if your home becomes uninhabitable.
What if I want coverage beyond what my condo insurance policy offers?
Whether you have possessions that exceed your condo policy limits or special considerations for specific disasters you’d like to protect yourself from, condo policies are eligible for add-ons that can encapsulate all of your needs.
Some of these include:
- Additional Personal Property Coverage - Great for those who own fine jewelry, antiques or other items of value that well exceed the limits of the original policy.
- Added Liability Coverage – Peace of mind comes with knowing that when an accident happens, there will be enough money to cover expensive medical and court costs.
- Water Backup - Sewer and drain backups are not covered by your standard policy and are rarely inexpensive to fix.
- Unit Assessment - Helpful if the HOA reaches a limit on the master policy and calls upon the homeowners to help cover the remaining costs of repair.
Related Post: Understanding Condo Insurance
Get a new condo insurance quote today. They are free and easy and can help you make a more informed decision. Visit American Integrity Insurance for a free, no obligation condo insurance quote in Florida.
American Integrity Insurance is committed to providing Florida property owners with sound, comprehensive insurance coverage and an extraordinary customer experience. We strive to be a valued partner to our policyholders, agents, and community.
We offer traditional and high valued homeowners insurance, condo insurance, renters insurance, and the special coverage required for vacant homes, manufactured homes, and policies designed for those who need less coverage or are renting out their home. We also offer extra protection, including flood insurance, umbrella insurance, golf cart insurance, boat insurance, cyber coverage and identity theft protection as well as equipment breakdown coverage, to help address a broad range of needs facing Florida homeowners today.