Condo Unit Owner Insurance Florida

What is Condo Unit Owner Insurance (HO-6) Florida? 

Florida Condo Unit Owner Insurance, also known as HO-6 insurance policy, is a necessary policy to protect the interior structure and your personal belongings  located within the 4 walls. Many condo unit owners have an impression that the master association insurance policy covers their interior condo structure, this is not true.

The Association master insurance policy held 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 the 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.

Who needs condo unit Owner insurance in Florida?

• Primary residence condos.
• Secondary residence condos.
• Long-term lease condos.
• Condo-Hotel rental Unit.
• Short-term rental, weekly rental, monthly rental, including Airbnb rental.

6 Common Causes of loss Condo Unit Owner experience in Florida:

Common causes of unexpected losses filed by a condo unit owners in Florida are:

• Leaks thru older windows.
• Leaks caused by an older air condition unit.
• Leaks caused from an old toilet seat gasket.
• Bursting Pipes caused by outdated plumbing.
• Smoke damage caused by forgotten cooking pans.
• Water Leaks caused by neighbor’s unit located above yours.

What does a luxury condo unit Owner insurance (HO-6) policy cover?

• Interior Elements Structure  -According the Association master policy bylaws, the Florida Statutes Rule 714 exclude certain building components, thus, the unit owner’s responsibility to insure additions and alterations, 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 as replacement of like kind and quality.
• Personal Belongings and Valuables – This policy extends coverage for personal household items including appliances, furniture, clothing, electrical equipment, fine arts, and jewelry. Personal Contents are covered at 100% replacement cost. It is the unit owner’s responsibility to determine the desired amount of coverage. Please note that special coverage limits, typically vary from $1,000 to $2,500, apply to certain high-value items such as Fine Art and Jewelry.
• Personal Liability Coverage – Policy provides legal defense in the event you are sued for negligence that might results in bodily injury or property damage arising from within your unit to your neighbors condo unit. In addition, policy extends liability coverage to you and your family for personal activities occurring away from the unit. in addition. This HO-6 policy names your condominium association as an “additional Insured“, offering legal protection to the Association in relation to your unit.
• Loss Assessment  – 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 payment to Others – 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 Coverage –  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.

5 Underwriting factors to save money on your condo unit Owner insurance Florida?

1. 1. Maintain a continuous condo insurance policy with no lapse.
   2. Proof of no condo insurance claim for the past 3 years.
   3. Install theft and fire alarm system connected to a monitoring central station.
   4. Assign a person to inspect your condo on a weekly basis while you are out of town.
   5. Install up-to-code impact windows or storm  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 getting the proper insurance policy. To get started, call us today at (954) 454-9599 and ask for a condo unit owner insurance quote. We are here to help you!

WE WELCOME ALL INQUIRIES.