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Condominium Insurance Information
Serving Fort Lauderdale, Miami and areas across Florida
If you own a condo or are in the process of purchasing one, it’s essential to consider your options for insuring the property. Condo insurance has a lot in common with a homeowner’s policy, but it provides coverage for you as a condo owner.
The agents at Floridian Coastline Insurance can help you get the insurance you need for your condo with the perfect level of protection for your situation. You can get help building your condo insurance plan right away by calling 954-302-4531.
How Does Condo Insurance Work?
When you purchase a condominium, you form a partnership with your condo association. This organization owns the building and onsite amenities. You are the owner of your unit, as well as everything inside.
Condo owners pay association fees in exchange for services such as property upkeep and common utilities. You won’t bear the financial burden of insuring the entire property. Your condo insurance policy may cover the contents of your home and your liability if you accidentally cause harm to someone else.
What Does Condo Insurance Cover?
Your condominium association carries a master insurance plan to cover property liability and potential damage to the property. Unit owners have personal coverage, which may include:
Liability coverage. If an accident that occurs on your property harms someone else, you may be legally responsible for their injuries or damage to their property. Liability coverage may help pay for their losses.
Contents insurance. This policy helps cover your belongings and may include certain high-value items, furniture, clothing and electronics.
Certain other policies may also be a good fit, depending on your situation. These include the following:
Pet bite liability insurance
Accidental medical payments coverage
Scheduled personal property endorsements
How Much Condo Dwelling Insurance Do You Need?
Depending on the type of insurance that your condo association’s master policy provides, you may want extra coverage within your condo insurance policy.
Here are two examples of a condo association’s master policy:
The all-in master policy insures all structures, surfaces and built-in features on both the interior and exterior of the unit. Therefore, the condo owner will only need to insure their own possessions on their policy.
Bare walls-in master policies do not cover structural features within your condo’s four walls. You may need your own dwelling insurance to cover bathroom fixtures, installed lighting and appliances.
When Is Condo Insurance Mandatory?
If you have a mortgage, your lender may require that you purchase condo insurance. Additionally, many condo associations require owners to purchase coverage so that all parties with an interest in the property have the protection offered by insurance.
Contact Floridian Coastline Insurance in Fort Lauderdale today for help understanding your options and to choose coverage that meets your needs as a condo owner.