Condo Insurance – Do you Really Need It?

21/08/2019By Robert MacoviakHome Insurance

If you are a condo owner in Florida, you are not required you to have Florida’s Condo Insurance.  However, if your condo has a condominium association, they often require you to carry coverage and show proof that your coverage meets the Association’s minimum limits. They may even specify from whom you need to buy your insurance.

What does Florida’s Condo Insurance cover?

The condo insurance you purchase is referred to as “walls-in coverage”. This means it covers everything from the interior of the outside wall of your condo and everything located within the condo, including flooring, furnishings, carpets, interior walls, electrical fixtures, appliances,  personal items, clothing, window coverings, etc.

Your policy also includes personal liability inside your condo (i.e. someone falls and breaks an arm, etc.). Some policies may even cover your pet. This type of policy is very affordable, ranging from $20 – $50 a month. Your premium will vary based on the structure, your condo’s location and the coverage limit you choose.

The association itself is required to carry insurance to cover the exterior structure, the land, elevators, pools, and other commons as well as general liability. Some condos carry more robust policies that cover certain things inside your condo, i.e. fixtures and interior walls.

It’s best to have one of our insurance experts at Oyer, Macoviak and Associates check with your association to determine their limits before you buy a condo insurance policy.

 Did you know…

you can purchase condo insurance whether you’re buying or renting a condo?

…you can purchase condo insurance that covers either cash value of your condo’s interior and personal property (at depreciated values) or replacement cost at today’s prices? (Note: replacement cost is more expensive)

…your policy can be customized to fit your needs?

…if your condo has built-in safety features such as smoke detectors, fire alarms, deadbolt locks or wind-resistant features you can get a discount on your premiums?

What Does Your Condo Insurance Cover?

The following coverages are standard on Florida Condo Insurance Policies:

  • Loss assessment coverage: for condos with associations, your condo insurance policy must include loss assessment coverage for at least $2,000
  • Loss of use coverage: If your condo becomes uninhabitable due to damage, Loss of Use coverage covers your temporary lodging, as well as food and other expenses – check the policy for details
  • Personal liability coverage: If somebody claims they’ve been injured or has suffered property damage caused by you or your property and files a lawsuit against you, your personal liability coverage covers your attorney costs and damages
  • Personal property coverageThis coverage is for your belongings, damaged or stolen, regardless of whether the loss occurs at home or away from home
  • Structural coverage: Covers all interior structures, i.e. walls, floors, ceiling, doors, etc.


If you would to like to discuss your options for condominium insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!

Let Us Handle All the Work While You Save