Condominium Insurance Information
Before getting into what condo homeowners insurance covers, it’s important to understand what is covered by the association’s insurance policy. The condo association should have a basic insurance policy that covers liability for people injured on the condo grounds, provides coverage for the building or buildings and covers the general condo property (coverage varies by policy).
You have many choices in Florida for condo insurance coverage. If you don't know about how the different companies rate or what discounts they offer, we can help. We represent some of best condo insurance companies in the Sarasota, Bradenton, Venice and the surrounding areas.
Condo association insurance does not cover the interior unit (from the walls in), nordoes it provide coverage for personal property damage inside the unit and it also does not provideliability coverageif someone is injured inside the condo unit.
What is condominium insurance?
Condominium insurance is similar to homeowners insurance but is designed for the specific needs of condo living. Many families choose condos because of the convenience of on-site maintenance and access to community amenities. In this environment, the main structures of all buildings and common areas are covered by an insurance policy held by the condo association. However, a personal condo insurance policy may cover property damage and liability risks of the unit owner.
Who benefits from condominium insurance?
Condo insurance is beneficial for all condo owners as well their visitors. In fact, most mortgage companies require condo owners to purchase a policy for the duration of their loan. Condo insurance may cover damaged, lost or stolen property due to fire, theft or natural disaster. This protection could extend to interior furnishings, including walls, flooring, ceilings, appliances and fixtures.
In addition, this type of policy could cover you against liability claims. If you are found liable for a visitor’s injury, condo insurance could cover associated medical expenses and/or legal fees.
How much condominium insurance do you need?
The necessary amount of condo insurance largely depends on the value of your possessions. By determining how much it would cost to replace your possessions, you can estimate the policy size that would be appropriate for your individual needs.
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Condo Homeowners Insurance Policy Coverages
Condo insurance provides coverage for damages that occur inside the unit (from the walls in) as well asany personal property inside the condo unit and liability coveragein case someone is injured inside the condo unit.
Condo insurance companies often excludesfloods and any business use for a home office or for professional consulting services and personal injury while on the property from the policy.
Additional Coverages Available for the Condo Policy
You may also be able to purchase additional coverages for the condo homeowner’s insurance policy.
- Purchase replacement cost to cover personal belongings. Replacement cost coverage is more costly but it doesn’t depreciate the items in your home. A policy may also allow items to be scheduled such ascollectibles, jewelry, electronics if increased limits of coverage for valuables is required.
- There are a range of deductible options and discounts that can help policyholders save money on insurance. Most of the condo owner insurance policy discounts are the same as the standard homeowner’s policy, including discounts for alarms, smoke detectors, and multi-policy discounts. Condo homeowner’s insurance companies also offer some discounts specific to the condo owner, like having a doorman on duty in your building.
- Flood and earthquake coverage maybe available to most condo owner insurance policies for an additional premium as well.
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