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Florida Condo Insurance Coverage & Quotes

Compare condo insurance quotes from trusted Florida carriers and find coverage that protects your unit, belongings, and liability risks.

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Understanding Florida Condo Insurance

Florida condo insurance, also known as an HO-6 policy, is designed specifically for condominium unit owners. Unlike homeowners insurance, which typically covers the entire structure, condo insurance protects your unit’s interior, personal property, and personal liability.

Because Florida faces hurricanes, tropical storms, and heavy rainfall, condo owners must ensure their policy properly addresses wind and water-related risks. Many associations carry a master policy, but it may not fully protect your unit’s interior or personal property.

Understanding what your condo association’s master policy covers - and where your HO-6 coverage begins - is essential for avoiding coverage gaps.

Affordable Florida condo insurance premiums provide peace of mind while protecting your investment against common risks such as fire, theft, water damage, and liability claims.

Average Costs of Condo Insurance in Florida

The average condo insurance cost in Florida is about $1,130 annually, which is significantly higher than the national average. This is due to several factors, including the state’s susceptibility to severe weather events like hurricanes, which increase the risk and thus the premiums. However, the costs can vary widely depending on the location. To get a better understanding of these costs, it’s advisable to request a condo insurance quote.

For example, in major cities like Miami, the average annual cost can be as high as $2,570, while in Orlando, it’s around $1,050. Rates also fluctuate in smaller cities and towns. For instance, Boca Raton sees average premiums of about $2,110, whereas Gainesville is much lower at around $780 annually.

These variations are influenced by factors like local weather patterns, the age of buildings, and the economic impact of significant incidents such as the Surfside condo collapse. Understanding these costs can help condo owners budget accordingly and seek out the best insurance policies to meet their needs.

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What does my condo insurance cover?

We're here to help you make the most of your insurance . Worth Was borne out of the first hand frustration with the home insurance experience. Our process and team make it quick and easy to find the best value policies and protect against the unexpected. Let's take home insurance of your to do list and say hello to peace of mind.

Dwelling Coverage

This first section of coverage provides coverage for the actual home itself. It is important that the value limit of this coverage be set to at least the amount equal to what it would cost to rebuild your home, otherwise known as your replacement cost coverage.

Other Structures

The Other Structures section provides coverage for other items on your property such as fences, sheds, and detached garages. Typically this coverage is set to about 10% of your Coverage A, but it should be adjusted up if there is a need for increased coverage limits.

Personal Property

One easy way to describe what this covers is if a house was to be turned upside down and shaken, what would fall out is what would apply to this coverage section. Examples of personal property include, furniture, electronics, clothes and toys.

Loss of Use

This coverage provides for reimbursement for additional living expenses in the case that a covered peril caues damage to your home that makes it unlivable. In this case you may need to move out of the home and rent a different home or a hotel room in the interim.

Liability Coverage

This section provides protection against things like medical bills and legal fees if someone happens to be injured on your property or in the case you are found liable, ie if your dog bites someone. Certain factors can make your home more risky in this regard. Examples include trampolines and pools.

Medical Payments

This section provides protection against payments for minor medical bills to those injured on your property. The typical coverage amount for a standard policy is limited to $5,000 per claim. It is possible for this portion of the policy to provide a payout even when the injury was not your fault.

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What Your Condo Association's Master Policy Covers

Understanding your condo association’s master policy is crucial for ensuring adequate personal insurance. A master policy typically covers general liability and property damage for common areas like roofs, elevators, and hallways. Coverage can vary widely, from just the building’s exterior to interior features of individual units.

In Florida, condo associations must have condominium insurance covering property damage from natural disasters like hurricanes and floods. The master policy covers buildings and common areas but usually excludes personal possessions or injuries within individual units.

Unit owners must know the specifics of the master policy to ensure adequate personal insurance coverage. Florida law mandates that condo associations disclose hurricane deductible amounts in their policies, informing unit owners of potential financial responsibilities.

Is Condo Insurance Required in Florida?

Condo insurance is not mandated by Florida law for individual owners, making it a personal choice. However, mortgage lenders often require condo buyers to obtain a policy even if the building has a master policy, protecting the lender’s financial interest in the property.

Some condo associations may impose insurance requirements on unit owners, dictating the type and amount of insurance. Therefore, while not legally required by the state, HO-6 condo insurance might be needed due to mortgage financing or HOA requirements.

Consulting your lender and condo association will clarify if you need to maintain specific coverage levels.

Frequently Asked Questions

Where does my condo policy begin and end? Find out here.

What does condo insurance cover in Florida?

Florida condo insurance (HO-6) typically covers interior walls, flooring, personal property, personal liability, loss assessment coverage, and additional living expenses after a covered loss.

Is condo insurance required in Florida?

Florida law does not require condo insurance, but mortgage lenders and condo associations commonly require HO-6 coverage.

What does the condo association’s master policy cover?

A condo association master policy typically covers the building structure and common areas but does not fully protect your unit’s interior or personal belongings.

Does condo insurance cover hurricanes in Florida?

Most Florida condo policies cover wind damage from hurricanes but often include a separate hurricane deductible. Flood damage is excluded.

Does condo insurance cover floods?

No. Flood damage from rising water or storm surge requires a separate flood insurance policy.

How much condo insurance do I need in Florida?

Coverage should reflect the cost to rebuild your unit’s interior, replace personal property, and protect against liability and loss assessment exposure.

What is the difference between ACV and RCV coverage?

Actual Cash Value pays after depreciation, while Replacement Cost Value covers the cost to replace items new. Many Florida condo owners prefer RCV.

Can I switch my Florida condo insurance policy anytime?

Yes. Florida condo insurance policies can be changed at any time as long as new coverage is active before canceling the existing policy.

How much condo insurance do I need?

Typically, mortgage lenders require around 20% of the appraised value of the property as this policy is a "walls in" policy and the master policy for the building is the primary coverage for the property.

What doesn't condo insurance cover?

Condo insurance doesn't cover everything. Condominium insurance does not provide coverage for flood damage, property of a renting tenant, or a motorized vehicle.

What is the difference between home and condo insurance?

Home insurance covers the exterior of a building, this excludes garages, roof, and exterior walls. A condo insurance policy is known as a "walls in" policy and covers personal property and limited interior elements of the home.

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