If you are lucky enough to own a condo in Florida—whether it is your primary residence or a vacation home—you should protect your investment with Florida condo insurance. Many people are unsure why they need condo insurance rather than a typical homeowners insurance policy, however. Here are some of the primary differences.
Homeowners policies typically cover the entire structural dwelling, its contents and the yard. If you live in a condo, however, you don’t need that much coverage. The HOA is required to carry insurance on the exterior of the buildings, from the studs out, as well as the common grounds. Florida condo insurance covers structure from the sheetrock in, as well as your personal belongings. A good policy will also contain a loss assessment clause that protects you in the event that the HOA does not have sufficient insurance on the exterior of the building.
While both homeowners policies and Condo insurance policies both contain liability coverage in the event that someone is injured on your property, condos require an additional clause as they present some unique challenges with shared walls. In the event that something beyond your control occurs that causes damage to adjoining properties, such as pipes that break and flood both condos, Florida condo insurance will cover that as well.
These are just a few of the reasons why Florida condo owners require insurance policies specifically tailored for their needs. For more information, contact a licensed insurance agent to get the coverage you need.