Condo Unit Insurance Florida rates increased over 40% in 2023. We can insure your Luxury Condo Unit in South Florida with hurricane.
Call us today at 954-454-9599 for a quote.
What is Condo Unit Owners 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 Association master insurance policy controlled by the condominium association, typically covers only the building structures and common areas such as elevators, swimming pools, outside walls, hallways, lobbies and others. 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.
What type of condo unit owner we can insure:
- Primary residence Condo.
- Secondary residence Condo.
- Long Term Lease Condo.
- Condo-Hotel Rental Condo.
- Short Term Lease includes daily, weekly and monthly rental, including AirBnB rental.
6 Common Causes of loss Condo Unit Owners suffers in Florida:
to protect your condo unit interior structures and your personal property, certainly, you need a condo unit insurance or HO-6 policy, it covers unit structures within the four walls of your condo unit. Common causes of losses claim filed by a condo unit owners in Florida are:
- Leaks thru older windows.
- Leaks caused by an air condition unit.
- Leaks caused from an old toilet seat gasket.
- Bursting Pipes caused by outdated plumbing.
- Smoke damages caused by forgotten cooking pans.
- Water Leaks caused by neighbor’s unit located above yours.
Luxury Condominium unit insurance (HO-6) policy coverage types:
- Condo Interior Elements – Under the Association master policy bylaws, the statutes exclude certain building items, thus, the unit owner must insure his condo unit additions and alterations from the financial consequences of loss, interior structures such as floor coverings, wall coverings, built-in kitchen cabinets, built-in bathroom cabinetry, electrical fixtures, water heater, interior A/C unit and ceiling coverings. This HO-6 policy covers all elements of the condo as originally installed or replacement of like kind and quality.
- Personal Belongings and Valuables – moreover, this policy extends coverage to personal household items such as appliances, furniture, clothing, electrical equipment, fine arts, and jewelry for any covered perils inside and outside your condo unit. Personal Contents is covered at 100% replacement cost and it is the unit owner’s responsibility to establish the desired amount of coverage. Special coverage limits vary from $1,000 to $2,500 apply to certain personal properties such as Fine Art and Jewelry.
- Personal Liability Coverage – Policy provides a legal defense to represent you in court in the event a lawsuit is filed against you for any causes of negligence that might cause bodily injury or property damage arising from within your unit itself to your neighbors condo unit, in addition, policy extend coverage to you and your family personal activities away from the unit. in addition, this HO-6 policy legally protects your association as additional insured listed on your policy.
- Loss Assessment coverage – When an accident damages the condominium common area property, and cost of repair exceeds the limit of coverage insured by the condo association master policy, the association enforces assessment fees, collectively, divided between all unit owners to restore the property back to normal. This HO-6 policy reimburses unit owner for the assessment amount up to $2,000 per policy limit mandated by the Florida Statutes rules 714.
- 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 HO-6 policy pays for temporary living expenses up to 12 Months until your unit is totally repaired.
- Medical Coverage – in the event a visitor is accidentally injured inside your condo and needs medical attention, your condo insurance policy will cover all medical expenses up to policy limit.
- Hurricane and Wind Insurance – this HO-6 policy cover your condo unit when a named hurricane or high wind damages your condo unit in Florida. Insurance companies covers claim up to policy limit set by unit owner prior to hurricane loss.
Our local insurance agents can walk you thru the binding process and help you determine the amount of coverage you need to protect your property assets.
6 factors to save money on your condo unit insurance Florida:
- Having a prior policy with no lapse of coverage.
- Proof of no property claim in the past 3 years.
- Shut-off the main water valve while you are out of town to prevent any leaks.
- Install theft and fire alarm system connected to a monitoring central station.
- Assign a person to inspect your condo on a weekly basis while you are out of town.
- Install up-to-code impact windows or metal shutters to protect your condo against major hurricanes.
How much does it cost to insure a condo unit insurance Florida?
Our local Florida Insurance agents are here to assist you getting 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 you!
WE WELCOME ALL INQUIRIES.