Condo Insurance rates increased over 50% in 2022. We can ensure your Luxury Condo Unit in South Florida with hurricane.
Call us today at 954-454-9599 for a quote.
Do I need a Condo Insurance in Florida?
Florida Condo Unit Insurance Policy (HO-6) is a necessary policy to protect your personal possessions located within your condo unit 4 walls. Many condo unit owners have an impression that the master association insurance policy covers their interior condo and their personal items. Unfortunately, this is not true.
The master insurance policy controlled by the condominium association typically covers only the building structures and common areas. In other words, if a named hurricane damages the building roof, the loss would be covered by your association insurance policy, but if a hurricane cause damages inside your own condo unit, in this situation there is NO coverage by the association master Insurance policy.
6 Common Causes of Loss Condo Unit suffers in Florida:
to protect your condo unit structure and your personal property, certainly, you need a condo unit insurance or HO-6 policy, because it covers unit structures within the four walls of your condo unit. Common causes of losses in Florida are:
- Leaks thru old windows.
- Leaks caused by an old toilet seats.
- Leaks caused by an old air-condition.
- Water Leaks caused by unit above yours.
- Bursting Pipes caused by old plumbing.
- Smoke damages caused by cooking pans.
What type of condos we can insure:
- Primary residence Condo.
- Secondary residence Condo.
- Long Term Lease Condo.
- Condo-Hotel Rental Condo.
- Short Term Lease including daily, weekly and monthly lease including AirBnB.
High Value condo unit insurance (HO-6) policy coverage types:
- Condo Interior Elements – According to Condominium bylaws, this policy covers condo unit additions and alterations interior structures such as carpeting, kitchen cabinets, bathroom cabinetry, electrical fixtures, water heater, interior A/C unit, and flooring.
- Personal Belongings – moreover, this policy extends coverage to items such as appliances, furniture, clothing, electrical equipment, fine arts, and jewelry. Personal Contents is covered at 100% replacement cost.
- Personal Liability – Policy provides a legal cost to represent you in court in the event a lawsuit is filed against you or your family for any cause of negligence that might cause bodily injury or property damage to your neighbors condo unit.
- Loss Assessment – When an accident damages the condominium property common area, and cost of repair exceeds the limit of coverage in the condo association master policy, the association enforce assessment fees collectively divided between all unit owners to restore the 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 loss 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 covered loss, and you need to move out to a temporary apartment or a nearby hotel while the condo unit is under repair, this policy pays for temporary living expenses up to 12 Months.
- Medical Coverage – in the event a visitor is injured inside your condo, he or she can file a bodily injury claim. Therefore, your condo insurance policy will cover all medical expenses
- Hurricane and Wind Insurance – and this policy cover your condo unit when a named hurricane or high wind damages your condo unit in Florida.
Our local insurance agents can walk you thru the binding process and help you determine the amount of coverage you need.
6 factors to save money on your condo unit insurance:
- Have a prior policy with no lapse of coverage.
- Proof of no property claim in the past 3 years.
- Shut-off main water valve while you are out of town.
- Install theft and fire alarm system connected to a monitoring central station.
- Assign a person to inspect your condo on weekly basis while you are out of town.
- Install impact windows or metal shutters to protect your condo against major hurricanes.
How much does it cost to insure a condo unit Owner insurance in Florida?
Our local Florida Insurance agents are here to assist you get the proper insurance policy. To get started, call us today at (954) 454-9599 or (866) 454-9555 and ask for a condo unit owner insurance quote. We are here to help!
WE WELCOME ALL INQUIRIES