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Florida Condo Unit Insurance Policy (HO-6) is a necessary policy to protect your personal possessions located inside a condominium association building.
Many condo unit owners make the mistake thinking of the master association insurance policy do cover their interior condo and their personal items. Unfortunately, this is not true.
The master insurance policy controlled by the condominium association typically consists of covering the property structures and common areas only. In other words, if a hurricane damages the building roof, the loss would be covered by your association, but if a hurricane cause damage inside your own unit, in this situation, there is NO coverage by the association master Insurance policy.
Therefore, to protect your condo unit structure and your personal property, certainly you need a condo unit insurance or HO-6 policy, because it covers everything that is inside the four walls of your condo unit.
What does High-Value condo unit insurance (HO-6) policy cover?
- Condo Interior Elements – this policy covers condo unit interior structures such as carpeting, kitchen, bathroom cabinetry, electrical fixtures, water heater, interior A/C unit, and flooring.
- Personal Belongings – moreover, this policy extends coverage to appliances, furniture, clothing, electronic equipment, fine arts and jewelry.
- Personal Liability – in the event a visitor is injured inside your condo, he or she can file a bodily injury claim caused by you or a member of your family. Therefore, your condo insurance policy will pay for all medical expenses, along with providing a defense lawyer to represent you in the event a lawsuit is filed against you for any cause of negligence.
- Loss Assessment – when accident damage the condominium property common area, and the association places an assessment fees collectively divided between all unit owners for the purpose of restoring their property. This policy covers the assessment amount up to $2,000 per policy limit. Per Florida Statutes rules 714; Florida insurance companies must provide a policy assessment limit of $2,000 per claim.
- Loss of Use – furthermore, a condo unit owner policy also includes an endorsement for loss of use, in the event your interior unit is severely damaged due to a loss, therefore you need to move out to a temporary apartment or a nearby hotel while the condo unit is under repair, then this policy pays for the temporary living expenses.
- Hurricane and Wind Insurance – and this policy covers your condo unit when a named hurricane or high wind damages your condo unit in Florida.
Our local insurance agents can walk you through the binding process and help you determine the amount of coverage you need.
5 steps to save money on your condo unit insurance?
- Have a prior policy with no lapse of coverage.
- Proof of no insurance claim in the past 3 years.
- Have a sprinkler system in your unit.
- Install theft and fire alarm system.
- Install impact windows or metal shutters to cover the windows.
How much it cost to insure a condo unit Owner insurance in Florida?
Our local Florida Insurance agents are here to assist you. To get started, call us now at (954) 454-9599 or (866) 454-9555 and ask for a condo unit owner insurance quote. We are here to help you.