What Every Florida Condo Owner Should Know About Building Vs. Contents Coverage

If you own a condo in Florida, you’ve probably been handed a policy at some point and asked, “Is this enough?” Maybe you nodded. Maybe you didn’t quite know what you were nodding at. That’s okay, many people don’t.

One of the most common gaps in understanding? The difference between building coverage and contents coverage; what’s yours, what’s your responsibility, and where your association’s policy stops helping you.

Let’s break it down in plain terms.

What building coverage includes

In most condo setups, your HOA or condo association carries a master policy. This covers common areas (like hallways, lobbies, the roof) and usually the building’s original structure, up to a point.

So what does that mean for you?

If your association has what’s called “walls-out” coverage, they’re only responsible for the building’s exterior and shared structures. Everything from your drywall inward? That’s on you.

Some master policies go a little further and offer “walls-in” coverage, which might include things like built-in cabinets, plumbing, and flooring as they were originally installed. Sounds good…until you renovate, or upgrade anything.

So here’s the key:

Your HO-6 condo policy is meant to pick up where the master policy stops. It provides:

• Building property coverage (your unit’s interior structure: walls, floors, fixtures, etc.)
• Contents coverage (your belongings inside the unit)
• Liability protection, loss assessment, and more (but let’s not get sidetracked—for now, we're focused on structure vs. stuff)

If your condo were gutted in a hurricane or fire, building coverage would help rebuild the inside of your unit; assuming you have the right limits. If your association only goes “walls-out,” you need enough building coverage to replace everything inside.

Don’t confuse contents with building coverage

They sound similar, but contents coverage is a different thing entirely. It’s what protects your personal belongings:

• Furniture
• Clothing
• Electronics
• Appliances you brought in
• Art, books, kitchenware: everything else that’s “yours” and movable

Let’s say a pipe bursts and ruins your sofa, TV, and laptop. That falls under contents. But if the floor warps, the baseboards swell, and the drywall gets damaged? That’s building coverage; assuming it’s in your HO-6 and not your HOA’s scope.

This split catches people off guard. Especially after a loss.

If you’re unsure how your association’s policy interacts with your own, start by reviewing your condo bylaws or master policy summary. Or have someone walk you through it. You can get a custom quote and policy checkup here if you're not confident about where you stand.

How much coverage do you need?

There’s no one-size number. But here’s a quick thought process that might help:

• Building property: How much would it cost to rebuild just the inside of your unit (flooring, walls, trim, fixtures, cabinets, etc.) based on current materials and finishes? A basic setup might need $25,000 to $40,000 in coverage. High-end interiors could easily require $100K+.
• Contents: Add up the replacement cost of everything you own inside the unit. This might be $15,000 for a minimalist… or $100,000 for someone with a fully furnished space and high-end electronics.

Also worth checking:

• Do you have replacement cost or actual cash value coverage on contents? (Big difference.)
• Are special items like jewelry or art covered up to full value, or only up to a small sublimit?

These are the kinds of things that matter after a loss, and it’s better to know now than later.

What about shared costs? (loss assessment coverage)

This part often gets overlooked—until it suddenly matters.

Let’s say a hurricane damages your condo’s roof or pool area. Your HOA files a claim… but their insurance only covers part of the repairs. The leftover cost? That gets divided among all unit owners. Sometimes evenly, sometimes by square footage.

This is where loss assessment coverage comes in. It’s a small part of your HO-6 policy that helps pay your portion of shared costs after a covered loss.

It doesn’t just apply to weather damage either. If someone is injured in a shared space and sues the HOA, and the settlement exceeds their liability limits, unit owners could be assessed there, too.

Without this coverage, you could get hit with a surprise $3,000 or $5,000 bill. Not every policy includes it by default, so it’s worth checking.

What to ask your agent (a quick checklist)

Most people don’t know what they’re missing in their policy until it’s too late. Before you renew or update your HO-6, here’s a simple set of questions to ask:

• What does my HOA’s master policy cover? Walls-in or walls-out?
• How much building coverage do I need for the inside of my unit?
• Are my belongings insured for replacement cost, or just cash value?
• Do I need scheduled coverage for high-value items like jewelry or collectibles?
• How much loss assessment coverage is included in my policy?

If you’re not sure where to start (or don’t want to dig through bylaws alone) you can get a free quote and have someone walk you through it.

Don’t forget wind and flood

Florida has some of the trickiest property risks in the country, and two big ones—wind and flood—often aren’t fully covered by default.

Here’s what you should know:

• Wind damage (especially from hurricanes) is sometimes excluded or carries a higher deductible.
• Flooding is never included in a standard HO-6 policy. It requires a separate flood policy—either through the National Flood Insurance Program (NFIP) or a private carrier.

If you’re on the first floor, near a canal, or even just in a flood-prone zone, flood insurance could be worth a second look. Likewise, top-floor units can still be vulnerable to wind-driven rain, roof leaks, or water intrusion after storms.

Bottom line: don’t assume you’re covered just because your policy seems “full.” Ask about flood and wind exclusions—and what it would cost to add them. Sometimes it’s less than you’d expect.

Closing thought

If you’re a Florida condo owner, understanding the difference between building and contents coverage isn’t just smart, it’s kind of essential. The state sees everything from tropical storms to plumbing nightmares. And gaps in coverage can mean you’re left footing bills for damage you thought was covered.

The good news? Once you get your policies aligned with your building’s master coverage, things get a lot simpler.

And if you're not sure what your current policy does or doesn’t cover, you can get a quick quote or have someone review it with you. No pressure, just clarity.

Better to double-check now than second-guess later.