It is hot and sunny in the state of Florida with the summer coming fast, do you know what that means? It is moving season! While many people from all over the United States, especially the Northeast, come visit the sunshine state, others make it a mission to move here for various reasons. Some people want to be closer to family, others want to retire, but everyone wants to enjoy the heat. Since the state is fortunate to have tropical weather all year round, those moving here benefit from this. Sometimes it may be hard to just uproot and get a new family house in an unfamiliar land. This is where condo living comes in!
We talk to resident expert and company president, Whit Harris, about the insurance aspect when it comes to buying and moving into a condo.
With this quick and easy explanation of how condo insurance works. Here is a quick recap! Condo insurance acts as a hybrid of homeowner’s and liability coverage in one policy. Condo insurance also covers your personal property and personal liability, as well as the interior build out of the unit.
Aside from insurance, condos offer some great benefits for those wanting to live in Florida but do not need or feel comfortable with their own property yet. Here are the pros:
Affordability & Less Maintenance
Since this type of space is in between an apartment and a multiple bedroom home, it can be more cost effective to buy or rent one. Depending on the location, determines what type of price and premiums someone will pay for a unit. On the plus side, maintenance can be done by the condo association instead of the owner and this can also save you premium in the long run! In researching the current Florida Insurance Marketplace, individual condo unit policies are very affordable at the moment. Please compare options when talking to your agent.
Security & Amenities
Similar to apartment complexes, condominium buildings often have secure entry and a security staff on the premises. This is in addition to the personal unit’s front door locking system. When looking for units in a building some amenities can include a gym, pool, ballroom, lounges, or offices. These extra spaces may be ideal for entertaining and relaxing!
Property Usage
Don’t forget to tell your Agent how you plan to use your condo unit. Will it be a true secondary home or is it an investment with rental exposure? One is not better than the other, and don’t fret, one is not more expensive than the other. It’s just important to lay out how the property will be used at all times for your insurance policy.
Since so many people are looking to enjoy what Florida has to offer, please get in touch with us for the best quotes around! We are committed to providing service you trust, and prices you’ll love!
If you have additional questions regarding condominium insurance or you need to amend an existing policy, call us at 850.244.2111 to speak to your Agent. You can also email us at service@harrisinsurance.com.
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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.
