Two Types of Condo Insurance

Any Florida resident knows that condos are popular in our Sunshine state. What you may not know is that insurance for condos can vary, and it is important to know the difference so that you can protect both yourself and your belongings.

When looking to invest in Condo insurance, FL residents should make sure to know what type of insurance the condo association has, because there are two very distinct types of condo insurance associations may have.

The first type is called the “bare walls” approach to Florida condo insurance. In this case, the association insures only the building itself, meaning the walls, floors, and roof. This means that quite a bit is left uninsured. These uninsured items include wallpaper, carpets, plumbing, wiring, appliances, fixtures, and all of your personal possessions.

The second type of condo association insurance is the “single entity” approach. In this situation, the condo association also insures specific fixtures within the condo, like the carpet, cabinets, or appliances.

It is important to know this information so that you are aware what needs to be covered on your own personal condo insurance. Also, it is important to note that your personal items are not covered under either of these approaches, so make sure you get enough coverage to insure all your belongings in case of a claim.