Then you need an HO-6 With Hurricane/Wind.
being a condo unit owner in Florida, means you receive a limited level of coverage through your condominium association master policy, it specifically covers damages incurred in the building common areas as well as liability claims related to any accident that occurs in these areas outside your unit.
However, there are many variations over the coverage limitation from one condominium building to another. To make sure that you accurately assess your condo insurance options in search of insuring your unit and possessions, you will need to read and understand what exactly is covered by your condo’s association’s master policy and what is excluded, so that you can make an informed decision.
What is Covered by Condo Unit Owners Insurance policy ?
If your association has coverage for a “bare walls in” condo master policy, then you need to purchase a condo unit owner insurance policy or so-called (HO-6) policy. Florida Condo Insurance policies protect you in many ways in case of personal injuries, and if your condo unit suffers from a fire, storm, water leaks, or any other natural disaster such as a hurricane, that might keep you from living in your condo.
Also, it will cover the cost-of-living expenses in a hotel while your condo is being restored. Condo unit insurance also covers personal liability of $300,000 and medical payments of $3,000. However, you may have to purchase additional coverage in case of having personal items such as jewelry and fine art.
How does Condo Unit Insurance policy work ?
Basically, the condominium association master policy cover damages to the condominium building common area, as well as other external features that belong to the association. Therefore, your condo unit owner policy needs to be insured separately, to include your personal possessions along with alteration & betterment such as kitchen cabinet, bathroom cabinet, flooring, ceiling and fixtures that are installed in your unit.
If you suffer from a loss such as a fire or water damage, you must immediately file a claim with your insurance company as well as with your condo association’s insurance company. For instance, if your condo unit has been damaged by a burglary, then you will formally file a claim with your own insurance company.
However, if a theft occurs in the building causing property damaged by the thieves in order to break in, then the claim would involve both the Association policy and your condo unit insurance policy to intervene.
Are you shopping now for a Condo Unit Insurance ?
For a free Florida Condo Unit Insurance, feel free to call G. Zein Insurance Services at (954) 454-9599 or (866) 454-9555, we are here to answer your questions and help you find a proper policy with Wind.