Endless sun-kissed beaches and beautiful Gulf views make the Destin coast a coveted destination for vacationers, retirees, and second-homeowners who want to get their hands on a slice of heaven. However, proximity to the coast comes with its share of hazards as well.
If you are a Destin condo owner or are currently looking into Destin condo real estate, you would be smart to consider condo insurance.
2020 was the most active hurricane season the Atlantic Coast has seen in history with a total of 30 tropical storms and six major hurricanes. Some winds reached up to 130 miles per hour, which is enough force to move an entire car or tear the roof off of a home.
With the number of hurricanes on the Atlantic coast increasing by the year, it is very important that condo owners invest in condo insurance in Florida.
Preparing for Disaster
Without condo homeowners insurance, many homes remain vulnerable to damage as a result of flooding, extremely high winds, fallen trees, and downed power lines. Download our Hurricane Handbook for tips on creating a hurricane preparation checklist and emergency kit.
The National Oceanic and Atmospheric Administration (NOAA) will publish its 2021 hurricane season outlook at the end of May. Learn about what tropical meteorologists at Colorado State University are calling an “above average” hurricane season for 2021 in this article from Forbes Magazine.
Natural disasters like tropical storms aren’t the only thing you need to protect your condo against. It’s important to take into account the everyday things, like expensive repairs, damaged or stolen property, as well as the possibility of someone injuring themselves on your property.
Hurricanes Aren’t the Only Hazards
Other hazards your condo homeowners insurance may cover include fire, lightning, explosion, vandalism, windstorm, aircraft, and falling objects.
New to condo ownership? Find out everything you need to know as a new Destin condo owner.
What is Condo Insurance?
Condo insurance differs slightly from homeowners insurance in that a condo owner is usually only responsible for what is inside their condo. Homeowners on the other hand require more comprehensive insurance because they are responsible not only for the interior of their home but for the surrounding property and all structures on that property.
For condo owners, the homeowners association takes care of the common property, so you don’t have to. For this reason, condo owners insurance is more like renters insurance in that it focuses on you interior build-out and upgrades as well as your personal belongings.
What Does Destin Condo Insurance Cover?
If you’re a new homeowner, you may not have experience with the benefits and importance of having insurance. Florida condo insurance (also known as H0-6 insurance) covers protection for what master homeowners associations don’t include.
Things like interior damages, loss of personal belongings, and personal liability aren’t included in master homeowner associations insurance policies.
Personal Liability
Are you planning on having guests over or renting out your condo? It is important to be prepared in the event someone injures themselves on your property. A simple slip and fall can turn into a costly ordeal without the proper liability insurance.
Condo homeowners insurance will also cover the injured party’s medical expenses and the cost of legal defense should anyone attempt to sue you.
Damaged or Stolen Property
Break-ins happen and can be traumatic for homeowners to live through. Condo insurance can help minimize the long-term cost of vandalism and stolen property by protecting your personal belongings such as furniture, media equipment, and clothing.
Repairs Not Covered by Homeowners Association
Inevitably, something inside your condo will need to be repaired, whether it’s an appliance, cabinetry, or a ceiling. Condo insurance will cover the cost of home repairs your homeowners association does not.
Imagine what would happen if a pipe burst, like it did in this Fort Myers condominium in December 2020. You don’t want to be stuck on the receiving end of that bill or covering the cost if you need to temporarily move out during repairs.
Are you planning on making alterations to your condo living space? Some condo insurance policies will protect those too.
Condo Hazard Insurance
In Florida, some insurers offer condo hazard insurance for disasters like hurricanes and flooding that are common in coastal areas. These policies cover things that are not explicitly listed in other policies. New endorsements like “loss of use” can even cover lost wages when the unit is not rentable to others due to evacuations and hurricanes.
Vacant Condo Insurance
Do you need to leave your condo vacant for an extended period of time? Your insurer can issue a cancellation notice for this, as a vacant condo can be attractive to squatters and burglars.
Vacant condo insurance is an excellent option for protecting your condo in the event you need to leave it empty for any reason.
What Can I Expect to Spend on Condo Homeowner’s Insurance?
The cost of Florida condo insurance can cost as little as $25 to $50 a month, depending on how broad your coverage is. Depending on what you choose, the average cost of condo insurance in Florida ranges between $400 and $1000 each year.
Depending on your situation, you may choose a policy with broad coverage or limited coverage. If you live near the coast, you may need extra protection against windstorms and flooding. If you live more inland, these protections may not be as concerning to you.
How to Get Started
At Harris Insurance, we make applying for condo insurance easy for you. Visit our website to get your free insurance quote today and begin the simple and beneficial process of protecting your unit.
With one click we’ll give you access to over 150 of Florida’s most highly rated insurance companies so you can choose the one that will best protect you and your piece of paradise.
Don’t wait for disaster to strike; let us help you protect your Destin condo today.
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
