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.
