Florida Condo Insurance: What You Need to Know

If you want the experience of owning your own home, but don’t want all the maintenance hassles, you might decide that buying a condo in Florida is the best of both worlds. If you’re buying a Florida condo or already own one, here are some things you need to know about protecting your investment with Florida condo insurance.

Florida condominiums are usually insured by both the HOA and the condo owners. Your HOA should have a master policy to cover features like the building’s roof, exterior, common areas, and elevator. You will be responsible for insuring the interior of your unit and your personal belongings.

The coverages included in Florida condo insurance are similar to those included in a homeowners insurance policy. Florida condo insurance typically includes dwelling and liability coverage, as well as coverage for your personal property such as clothing, furniture, electronics, and sporting equipment. Condo policies also sometimes include coverage for “loss assessment.” If a covered peril exceeds the HOA’s insurance coverage, condo owners can be assessed a share of the additional cost. Loss assessment coverage can help you pay that bill. Most condo policies come with $1,000 worth of loss assessment coverage, but you can often increase the limits. Note: this only applies to assessments related to unexpected events, not to standard maintenance or repair assessments.

How much condo insurance do you need?

As a Florida condo owner, you may be able to choose between an HO-6 policy or an HO-3 policy. You’ll need to know a few things before you speak to your insurance agent. First, what does your HOA master policy cover? If your HOA’s policy covers the bare minimum, you’ll need coverage adequate to replace everything in the interior of your unit, including any built-in features like cabinets or shelves, appliances, carpet, wall coverings, and any other items not covered by your HOA’s policy.

Second, what is the value of your personal property? This includes all your clothing, furniture, electronics, jewelry, sports equipment, tools, home décor, and so on. You’ll want to buy a policy which has enough coverage to replace your belongings if they’re damaged or destroyed.

Third, what is the value of your assets? You’ll want enough liability coverage to protect them should you be legally liable for injuries or damage to someone’s property.

Florida condo owners may also want to consider adding flood and sewer backup coverages. As with homeowners insurance policies, flood insurance must be purchased separately. Sewer backup can usually be added to a policy for a nominal amount.

Find affordable Florida condo insurance at Lakewood Financial Services

No matter what type of policy you’re looking for, the agents at Lakewood Financial Services can help you find the right condo insurance to protect your Florida condo. Give us a call today at 941-747-4600, or click here for a quote. Lakewood Financial Services represents more than 30 quality insurance carriers, and we make it our priority to find our customers the best policy to meet their needs.