Condo Insurance

Components of Condo Insurance

Condo insurance will work much like homeowners insurance. After all, your condo is your home and deserves to be treated like one.

Here are some of the main components of condo insurance:

Family Liability Protection

Liability is by far the most powerful coverage. Without liability insurance, you could potentially owe a person hundreds of thousands of dollars that you will be on the hook for! With condo liability insurance, you can rest easy knowing that you are prepared if someone were to hurt themselves on your property.

Fortunately, Liability coverage is some of the most affordable insurance you can have! It is strongly recommended to carry nothing less than $300,000 in liability insurance.

Talk to an your agent to learn about what you have or reach out to us to learn more!

Guest Medical Coverage

Most people don’t know this, but it is likely that your condo insurance or homeowners insurance policy has this coverage. Medical coverage is used if someone were to get injured on your property and need medical attention. If your guest inquired medical expenses from an incident that occurred on your property, they may be able to receive a reimbursement from the insurance company.

Talk to your agent or us (3rd generation Insurance) about the limits your medical coverage has. After all, you are paying for it.

Additional Living Expenses

If your condo was damaged and deemed un-livable, additional living expenses will pay the cost of putting you up at a hotel or temporary location.

A couple common example of times when Additional Living Expenses Coverage is used are: If your house was burned in a fire, flooded, or got moldy from water damage.

Loss Assessment

In a Condo association, sometimes the association as a whole suffers a loss. Loss Assessment will pay your share of the damage.

Condo Dwelling and Personal Property Protection

Dwelling coverage makes up the structure that you are responsible for. Depending on the condo association you are part of, it may be from the studs in or the drywall in that is your portion to insure.

Personal Property: If you were to flip your home upside down, everything that would fall out would be considered personal property. Personal property insurance will pay the cost to repair or replace your things if they were damaged by a covered peril.

Looking for a better carrier? Reach out today to see if we can help.

Florida Condo Insurance Law

Florida House Bill 601 was put into effect January 1st, 2009 and has been ongoing till this day. This law stated that if you do NOT carry condo insurance, your condo association carries the ability to “force place” insurance on your condo. So what are some of the downsides and positives to this bill? See below to learn about the effects of having a “forced place” policy.

Condominium Association Treated as Named Insured/Loss Payee

As the law allows, condominium associations will be handled as a named insured and standard loss payee for insurance reimbursements inquired after a loss. This will not change your coverage amounts for structure or personal property. However, your condo association will be listed as a named insured in addition to you. Having them listed as a interested party will not give them the right to cancel the policy. This feature is designed to assist in the coordination of insurance benefits, which both parties are responsible for.

Providing Evidence of Hazard and Liability Coverage

Florida House Bill 601 added a new code requiring all condo unit owners to provide proof of hazard and liability insurance to the condo association. It is necessary to report the evidence once a year to the condo association. Your Declaration pages of your insurance policy should be enough proof of coverage. If you have any question regarding the rules around Florida condo insurance please reach out to us!

Increased Loss Assessment

The Florida House Bill 601 also requires condominium owners to carry at least $2,000 of special loss assessment coverage.

Frequently Asked Condo Insurance Questions.