Did you know that Florida is home to more than 22 million people? Many people in Florida live in, or own, condominiums. If you are responsible for a condo, it is important to have Florida condo insurance.
This ensures that you won’t lose all your money in case your condo gets damaged.
What should you know about this type of insurance and what does it cover?
What You Need to Know About Florida Condo Insurance
Most types of condo insurance cover a variety of damages. Condo dwelling insurance is very important. It covers structural damage that your condo could sustain.
This includes damage to the walls, floors, ceilings, and so on. This also applies to permanent fixtures in the condo. These include countertops, cabinets, ceiling lights and fans, and so on.
This is important because a condo could sustain this damage in many different ways. You may have destructive guests. They may tear up the walls or drop something heavy against the floor or the countertops.
A storm may blow through and damage the inside of the condo, or you may accidentally damage the unit as well. The damage may also affect the inner structure of your unit.
This can be dangerous if there is serious damage. Your unit could be at risk of caving in or being a health hazard. You may also be more likely to cut or injure yourself on the damaged structure.
Fixing these issues without insurance is often not possible for many people. This is because fixing structural issues and permanent fixtures is very expensive. A good condo insurance company can provide you with the insurance you need.
This ensures that you won’t have to pay an arm and a leg when your condo gets damaged. There is also another type of insurance called contents insurance. This refers to the contents inside most condos, and often includes digital items.
The Details
TVs, game consoles, and furniture can get damaged. Furniture often gets damaged when you live in a space for a long period. While the contents of a condo aren’t as expensive as the condo itself, they can still add up.
This is why it is important to make sure they’re covered. It will save you a lot of trouble and money down the line. Insurance can also help you if your items get stolen.
Suppose you live in a nice HOA or have an active COA. The Association’s insurance can sometimes help, but it likely won’t cover anything within your unit. Condo insurance can help with that.
Stolen property? Condo unit owner insurance will be your only chance at getting your items replaced. If you can’t get your items back, you could be compensated instead. Either of which will help you get back on your feet and back on track.
You should have enough compensation to buy new items to replace the old ones. The most important coverage of all is liability coverage. If something happens in your unit, it is likely that you could be sued. Liability insurance will step in to defend you and even cover legal expenses. For condos with rental exposures, we recommend excess liability or umbrella policies to provide extra liability coverage.
Suppose you have an aggressive pet. That pet may bite someone when you have guests over, causing them injury. Most dog owners say that their dog would never bit someone. The largest animal liability claims we have seen are when elderly people trip or fall over pets and have to seek medical care. This isn’t necessarily the fault of the pet or the owner, but it is an accident and can be costly. These are both expensive problems without animal liability insurance.
What Else Should You Know About Condo Insurance?
There is also loss of use insurance. This is an important type of insurance to have in Florida. It refers to your condo unit being rendered uninhabitable.
This could happen if a fire breaks out and destroys everything in your condo. It may also happen if a storm blows through and rips apart your unit. This type of insurance is helpful for getting you back on your feet, so you have a place to live again.
Condo insurance, specifically loss of use, will pay for you to rent another residence or stay in a hotel while your unit is being repaired. You may need to stay elsewhere for several weeks while your condo gets repaired. With condo insurance, you can have hotel expenses, restaurant expenses, pet transport and shelter, and more covered.
However, this does not mean you can live in a 5-star hotel until your condo is back in shape. Condo insurance will cover the kind of living conditions you are already used to. You will need to stay in a hotel that corresponds to your usual living standards if you want it to be covered.
There are also certain things that condo insurance does not cover. Flooding is one of them. Flooding is a common problem in many areas of Florida.
If you live in a flood zone, you will need to get flood insurance on top of your condo insurance. Condo insurance typically does not cover mold, gradual damage, or intentional acts of destruction.
All About Florida Condo Insurance
Florida condo insurance is vital if you have ownership of a condo unit. Whether it’s your primary residence or rental/investment property, you need to ensure that your property, belongings, and liability are insured correctly. Your condo could be subjected to all sorts of damage while you’re living in Florida. The furniture might get damaged, someone might injure themselves, and so on.
Having condo insurance can help you stay afloat financially. To learn more about this insurance, check out our plans.
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.
