Understanding Condominium Insurance
If you own a condominium in Florida, then understanding your insurance coverage options in case of a natural disaster or theft is necessary. In addition, many individuals moving to this geographic area to buy a condominium should consider their options concerning this specialized insurance coverage. A condominium association must provide you with written details on insurance coverage such as repairs to a building’s roof or outside walkways that are included with membership fees. Because each condominium owner has a unique situation, discussing individual insurance needs with an insurance agent is a good plan.
Condo insurance differs from homeowners insurance as it excludes areas already covered by the building owner and is usually less expensive. It differs from renters insurance, since it may cover structural components usually not the responsibility of a renter and therefore may be more expensive.
Florida’s Primary Risks
The best type of insurance coverage for condominiums depends on the geographic region’s primary risks. In Florida, a condominium has a higher risk of receiving damage from hurricanes because of this weather condition’s strong winds, heavy rains and lightning strikes. After a hurricane ends in this area, there is an increased chance of flooding from sewer systems and other water sources that requires additional insurance coverage. As a condominium owner, you require insurance coverage on personal property inside the building such as furniture, appliances and electronics. You may be responsible for the costs of repairs to interior structures damaged by water, fire or other disasters. This can include repairing or rebuilding walls, ceilings and flooring.
Buying Additional Insurance
In addition to providing financial coverage for natural weather disasters or destructive fires, your condominium insurance policy might assist with other needs. Many policies also reimburse condominium owners when their property is vandalized or theft occurs. It is important for individuals living in condominiums to know that this type of insurance does not assist with medical bills, loss of business profits or vehicle damage. Many policies for condominium insurance have exclusions for damage caused by wildlife, mudslides and earthquakes. You should consider buying insurance for other needs not covered by a condominium insurance policy.
Local Insurance Regulations
Within the state of Florida, condominium associations and owners must follow complex regulations developed by governmental agencies concerning maintaining insurance coverage on a property. Before visiting an insurance agent, collect your condominium association’s information concerning its coverage to assist the agent. Make a list of the personal property you own that requires insurance coverage if a loss occurs. Decide the types of coverage you require such as liability for injuries to others, debris removal, temporary living expenses or replacement of landscaping.