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Is condo insurance in Florida required?

Owners of condominiums need to purchase coverage. Condo insurance in Florida can be pretty tricky. Technically, Florida does not require a condo insurance policy by law. However, a condo association will require it. Knowing the perfect amount of coverage they need can be confusing. As shoppers may already know, multi-family units and single-family units will have different needs. Condo owners may need two separate policies to protect their property.

The condominium association usually provides the first policy. The first policy will cover the building exterior, such as the walkways, the lawns, and other areas on the grounds. Next, they will need to purchase the second policy. This second policy will protect personal belongings and personal liability. When purchasing a condo, the buyer will need to show proof of insurance. Therefore they will need to do research beforehand. Condo insurance in Florida is not a one size fits all policy. Every condo owner has different coverage needs.

 

Do they need a condo policy in Florida?

Florida used to require condo owners by law to purchase condo coverage. However, that is no longer the case. As a result, the condo association may need to prove that the policy meets its minimum limits. In addition, they may have to purchase coverage from a particular company. Before purchasing a policy, understand what the carrier covers in the policy. Knowing the difference between a condo and a homeowner’s policy is the first step shoppers need to take. Agents see a condo policy as HO-6. Furthermore, carriers referred to it as a rider in coverage. Here is what they can expect to be covered by condo insurance in Florida policy:

  1. First, personal belongings need to be covered. Shoppers will want personal belongings protected if they are damaged or stolen. Understand that replacement cost coverage will replace belongings at current market value minus depreciation.
  2. Unlike homeowners, a condo policy will not cover the interior structure. What is not covered includes the inner walls, flooring, countertops, and fixtures.
  3. Carriers also include liability coverage with a standard condo policy. For example, if a guest injures themselves inside the unit or if someone damages their belongings.
  4. Loss of use coverage is included in the policy as well. Loss of use will cover the home suddenly becoming uninhabitable due to a covered loss. In addition, a policy will provide them with additional living expenses.

 

What happens if they do not purchase coverage?

Suppose they do not purchase Florida condo insurance directly. In that case, the association can buy the proper coverage and charge for the expenses. However, there is no way to avoid purchasing any coverage. Purchasers may even have a condo unit foreclosed if they do not obtain the proper policy.

 

How much is condo insurance in Florida?

Condo insurance in FL can significantly vary depending on location, size, the structure of the building, and other features. Customers may save on a policy by qualifying for safety discounts. All policies generally offer savings if they have these safety features. They include deadbolt locks, smoke alarms, and burglar alarms. In addition, Florida discounts also include discounts for wind resistance features too.

Condo premiums will differ by insurer. They will also take in several other factors to determine the monthly rate. The average cost of condo coverage is around $600 annually. Now that everyone knows the details of condo insurance in Florida, they can shop for a policy online. However, always remember to shop and compare quotes to find a policy that fits within the budget.

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