Condominium insurance is unique. Your condo insurance policy covers your personal property and liability, as well as any additions, alterations and improvements you make to your unit that are your responsibility based on the condo association agreement. Optional loss assessment coverage is also available to protect you against certain assessments that may be levied by the association. You would be compensated for additional living expenses incurred should you need to vacate your condo after a covered loss.
Let Oyer, Macoviak and Associates help you find the right amount of coverage to suit your insurance needs Florida. Call us today at 561-732-9305. Your condo insurance policy protects you and your family members against bodily injury and property damage liability claims and any litigation that may result subject to the limits you select. In addition, you can select medical payments coverage which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available.
Frequently Asked Questions about Condominium Insurance
Condominium insurance is a specialty type of homeowners insurance. It provides coverage for the structure, its contents and personal liability for an individual owner or tenant against losses such as fire, theft, vandalism, and malicious mischief that might occur in the communal areas of a condominium complex.
For example, if you rent out an apartment within a building that has condominium insurance, your personal property should be covered in case there is a loss.
Condominium insurance is a valuable addition to your homeowner's policy. It provides coverage for the building, its units, their furnishings, and other property not individually covered by the policy. If you have personal belongings, such as computer or clothes in your unit that would be damaged if the building were struck by lightning, for example, they would be covered under a condominium insurance policy.
Condominium policies are small and specialized, with the goal to provide protection for the individual homeowner's personal property as well as the building itself. This coverage is provided at an affordable price by treating all units in a multi-unit complex as one.
The contents and personal liability portions of the policies are usually written together with an automatically renewed policy, so your coverage continues year after year without having to re-apply. The premiums for the automatic renewal portion of the policy are typically much lower than those associated with a traditional standalone homeowners' policy (which you would purchase to cover just your personal property).
The cost of your condominium policy depends on the type and amount of coverage you purchase. Your insurer will help you choose a deductible that is appropriate for your needs based on the valuation of your property. A higher deductible means lower premiums, while a lower or zero deductible will typically result in higher premiums.
Although it is not a legal requirement, our advice is to purchase insurance. Some states' and local communities' codes require owners' associations to carry insurance on the common areas of the development or subdivision. Your insurer can provide you with more information about these requirements.
The owner(s) of the building are responsible for taking out insurance on all common areas that would be insured if there were an association or condominium association in place. These may include hallways, corridors, lobbies, bathrooms, or walkways.
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Florida-What You Need to Know About Condo Insurance
Condo insurance provides coverage for your personal property and much more. For a few more dollars, you can elect to carry Full Value Personal Property which ensures that you are reimbursed full replacement value without regard for depreciation after a covered loss.
If you have upgraded cabinets or put in hardwood floors, condo building item coverage protects these investments. Be sure to consult your HOA agreement to determine what the Association policy covers and what you are responsible for. If common areas are damaged, your condominium association may levy assessments against all the owners to pay the deductible on their association policy.
Various limits of loss assessment coverage are available. Be sure to consult the HOA agreement to determine the potential for such assessments. Oyer, Macoviak and Associates can help you determine your coverage needs to make sure you’re properly covered. Call us at 561-732-9305 or contact us.