Condo Insurance

CONDO INSURANCE: WHAT IS IT?

Condo insurance, also known as HO6 insurance, provides coverage for losses to property brought on by a specific hazard or occurrence, such as theft, vandalism, water damage, fire, and some natural disasters. Be aware that condo insurance may provide liability coverage based on your agreement with your insurance provider. For instance, the insurance provider will cover the associated liability costs if a chandelier unintentionally falls on a neighbor visiting your unit.

What’s covered by a Florida Condo Insurance policy?

Usually, only damage caused by a listed risk is covered by your condo insurance policy. For instance, your insurer will only pay for water damage if it is brought on by a certain risk, like a malfunctioning appliance. Taking that into account, some of the typical dangers covered by Florida condo insurance include:

• Frozen and broken pipes, appliances, or sprinklers that result in water damage;

• Vandalism and smoke theft;

• Lightning; and

• Windstorm.

Be advised, that insurance companies typically will not pay for intentional harm done to a condo. For example, the insurance company may reject a claim if a fire is purposely started with the intention of receiving compensation. Similarly, if an appliance is improperly maintained and causes water damage, the insurance company may reject the claim and point to negligence.

Some Florida condo insurance exclusions include the following:

• Deliberate actions that cause damage to the condo;

• Damage from regular use;

• Floods;

• Cracking in the roof, walls, pavement, and ceilings;

• If you keep the condo vacant for 30–60 days, there may be vandalism;

• Molds developing from being vacant; and

• Possible freezing when the condo is empty.

In the event that your insurance provider permits it, you can always add endorsements or riders to your standard condo insurance policy to cover some of the exclusions. It’s wise to consider a stand-alone insurance policy to safeguard your condo if your insurer does not provide the endorsements or riders you are looking for.

What insurance coverages should I consider for a condo in Florida?

Condo insurance coverages come in many different forms. Your requirement for coverage should determine the type of coverage you select. In Florida, some typical forms of condo insurance coverage include, among others:

• Content insurance - This plan offers protection for losses to furniture, clothing, TVs, and other electronic equipment that are in your condominium.

• Condo Dwelling - This insurance covers damage to the walls, ceiling fans, floors, counters, and cabinets that are permanent fixtures in your condo.

• Liability Coverage - This insurance compensates for liability expenses that arise from hurting or damaging someone else's property. This coverage is imperative if you have a hostile pet or regularly host guests at your condominium.

• Extra Living Costs - In the event that a disaster renders your condo unusable, you will require other housing while you wait for the insurance provider to complete the necessary repairs. This policy will cover any costs you have while staying in your alternate lodging during this time. More specifically, it will cover costs like travel, lodging, pet boarding, meals out, and other expenses. Be cautious that the insurance provider will only cover additional living costs that are consistent with the standards of living in your unit. In other words, if your typical living standards do not match, the insurance company will not be pleased if you check into a luxury hotel.

We offer comprehensive coverage to protect your condominium. A condo policy will work hand-in-hand with your Condo Association Insurance to ensure you're financially protected from loss, damage, theft, and unforeseen expenses.

Dwelling

Protect your condo's inner walls, flooring, fixtures, and countertops. You’ll be protected against untimely events such as wind, hail, fire, and theft.

Loss of use

An increase in living expenses and lodging could be covered in case there is damage to your condo and you cannot stay there while it is being repaired.

Liability

In the event that a claim is made or a suit is brought against you for property damages or bodily injury, your policy will cover these costs up to the amount of this coverage you select to carry.

Personal belongings

Have peace of mind knowing that your personal property such as furniture, TVs, and computers are covered in case something should happen to them.