Florida Condo Insurance coverage

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Protecting your condo should be your top priority. Living in a condo comes with many perks such as not having to worry about maintaining the lawn, the gutters, and everything else found outside the unit. However, the responsibility of protecting the property inside the condo rests with you, the owner, since the insurance bought by the co-operation or the condo association will not protect the walls or personal items inside your unit. This is where Fagan & Michaud Insurance Agency, Inc. comes in handy. We offer a wide range of condo insurance policies that suit the different needs of our clients.

Florida Condo Insurance Policies and Requirements

You are not required by the state to have condo insurance; however, your condo association may require you to have it. The cost of a condo insurance policy depends on the amount of the coverage you buy, the structure, and location of your condo. In the past, the law required condo Florida’s condo owners to purchase condo insurance, but the law was scrapped off. Nevertheless, your condo association may require you to not only have the insurance policy but also to show evidence that your policy meets the minimum limits set by the association and that you purchased the coverage from a specific company.

The association insurance covers the following areas:

  • The land where the condos are situated
  • The condo and building exterior
  • Communal equipment and amenities including elevators
  • Damage in shared areas such as lobbies, pools, and hallways
  • Liability for when someone sustains an injury while on the condo property

Notably, some association policies might cover the fixtures and other structures inside your condo; therefore, it is paramount to check your association policy before purchasing coverage.

Types of condo insurance policies

There are five major types of condo insurance policies that you can choose from depending on your needs. These include:

  • Personal property - this offers coverage in case your belongings are damaged or stolen. These items include furniture, clothes, and technology among other things.
  • Personal liability - this will cover any person who might be injured while in your condo. It will cater to the person’s damages and court fees.
  • Dwelling coverage - this covers permanent structures within your condo that are not covered by the association’s policy such as walls and countertops.
  • Loss assessment - this covers damage that occurs in the common areas that exceed the association policy’s limits.
  • Loss of use - this is meant to cover your accommodation in case your condo is damaged to the extent that you cannot stay in it and need to find alternative lodging. It also covers food and other expenses that you might incur when living away from your condo.

The condo insurance rates in Florida depend on various factors such as location, size, whether it’s a client’s primary residence, the presence of built-in safety features and the building’s roof and structure. In Florida, you will also get a discount if your condo has wind resistant features because the area is prone to hurricanes.

Fagan & Michaud Insurance Agency, Inc. is your best option if you are looking for a condo insurance policy in Florida. We have competitive rates and excellent customer services. Call us today.