Simple Condo Insurance You Can Trust
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Why do I need insurance?
Florida is prone to hurricanes, tropical storms, and other severe weather events, which can cause significant property damage. These natural disasters can result in high wind damage, flooding, and water damage, making it crucial for homeowners to have insurance coverage to protect their properties.
Many parts of Florida are in flood-prone zones due to its geography and proximity to bodies of water like the Atlantic Ocean and the Gulf of Mexico. Since standard homeowners’ insurance policies typically do not cover flood damage, many homeowners in Florida opt for separate flood insurance policies to protect their homes.
5 Important Numbers to Know
Coverage A:
Dwelling
What would it cost in Labor and Materials to do a full renovation of your unit (“walls-in”) including floors, kitchens, baths, millwork, molding, wallpaper or plaster?
Coverage C:
Personal property
What is the total cost of your contents including your furniture, appliances, electronics, clothing, etc.?
Coverage D:
Loss of Use
If your property was damaged and unlivable, what would it cost you and your family to rent elsewhere for 6 months to 1 year?
Coverage E:
Personal Liability
What would you estimate is your Total Net Worth? If you are liable for property damage or bodily injury to others, your home and personal assets are at stake. We suggest a minimum $300,000 to pay for these claims.
305.865.7777:
Your Agent’s Number
In the event of a loss it is important to be able to discuss your coverage, the policy’s claims provisions and the claims process. A good independent agent is available to help you in this times.
Who Lives in Your Unit?
“I bought a condo unit in Florida to use in the winter. I love it here. I’m here for 2-3 months of the year and started renting it out recently.”
Sound familiar? Have you contacted your insurance agent? Any time you change the occupancy of your unit you need to contact your insurance company or agent so they need to update the policy. If your unit is damaged and the occupancy isn’t updated with the company you risk not having coverage!
Common Condo Unit Owner Claims
Water damage – A family leaves the Condo Unit for a long day at the beach. When they return home they enter to a large amount of water coming from the utility closet. The water heater had rusted and burst causing their floors, baseboards and the downstairs unit a significant amount of water damage.
Fire – A fire in the Condo Unit next door spreads to your Condo Unit from the wall behind the kitchen. Luckily the sprinklers engaged and much of the Unit was saved, but the kitchen cabinets, appliances and sitting area was ruined.
Personal Liability – A Condo Unit owner is attending a holiday party in another Unit. While speaking to other residents they don’t see an electrical cord, trip and fall knocking over a table of wine and hors d’oeuvre damaging the living area including the leather couch and carpet.