If you are buying a condo, you may not realize that you should buy condo insurance. Condo communities typically retain a master insurance policy, but it does not protect all items in your unit. It is very important that you evaluate what master insurance actually includes and the additional protection of individual Florida condo insurance policies. This blog covers determining if condo insurance is necessary in Florida.
Definition of Master Insurance
Master insurance policies for condos generally cover the structure and shared amenities (i.e. halls, stairways, and the roof and siding). It may not insure dedicated items such as heating and central air, electronics, upgrades, etc. More importantly, it does not protect personal goods such as furniture, equipment, and clothes. Policies range, so you should request a copy of the policy for your specific development and understand its scope.
Additional Benefits of Personal Condo Insurance Policies
MA individual condo insurance does not include the structure of the building, since that is included in the master insurance, but is otherwise similar to regular homeowners insurance policies. It normally covers cases of theft, fire, windstorm or hail, vandalism, falling objects, and damage from automobiles or planes. It can also extend personal liability coverage which applies if people get hurt in your home or if you damage someone else's property. A low value is typically included for personal belongings. Enhanced coverage may be added for jewelry, equipment, collectible items, and property improvements (such as a high-end kitchens or appliances).
What It Costs and How to Begin
A majority of the time, Florida condo insurance is significantly less than regular homeowners insurance. You should contact your insurance agent for guidance on how much coverage you should have. Your agent may want to know the features and amenities of your condo plus the value of personal valuables. He/she may request the master insurance policy to verify what is already covered. Completing this step will ensure that you have enough coverage for your needs.