Insuring Your Condo – It’s Not Like Insuring a House
Today, many people are discovering the benefits of condo living in Florida. You receive the tax advantages of owning a home, and you build up home equity. You don’t have to worry about mowing the lawn, trimming trees, and many things that can take you away from doing things you like the most. However, because owning a condo is different from a house, so is the process of insuring it. In fact, some condominium owners make the mistake of assuming that the condo home insurance from the condo association will take care of everything and this is not the case. Let’s look at the example story of Martha and Steve to demonstrate.
Steve and Martha spent most of their married lives working and taking care of their family. After the kids grew up and left, they wanted to enjoy life and not spend all their time on home maintenance. They found a nice condo in the Tampa area, and it was perfect for their needs. When it came to condo insurance, they believed that the condo association took care of most issues.
Since the couple moved from another state, they needed to find a different insurance agent and Steve got an online quote. It was cheap, so he decided to buy the policy. This was a mistake.
The couple enjoyed life in their new condo. Steve went to the nearby golf course several times a week, and Martha pursued her arts and crafts hobby. In fact, she was thinking about opening up a local craft store, and she almost had enough money saved up. Then one day, the unexpected happened.
They took a two-week trip to visit family, and when they got home, they walked into a major disaster. Before they left, Martha asked Fred if he closed all the windows and he that he did. However, he forgot about their bedroom window. Right after they left, an intense rain storm with strong winds blew a great deal of water in through the window. In fact, it saturated the carpeting, bed, dresser, and the water sat for two weeks, causing a lot of mold and mildew to grow. But this was not the worse part of the disaster.
The insurance policy Steve bought was a “named peril” policy, and since water damage from an open window was not on the list of perils, they were not covered. The condo association insurance didn’t cover the damages either. This caused the couple a great deal of financial hardship that could have been avoided with the right insurance policy.
Why is Condo Home Insurance So Different?
When you buy a condo, you pay for insurance that the condo association buys. However, this insurance covers the building, including the roof, siding, and damages from storms and other hazards. If you want to insure your belongings and other hazards, the policy doesn’t cover them, and you need a special condo policy.
Who Needs This Kind of Coverage?
If you own and live in a condominium, you need condo insurance. This also includes condo owners that rent out condo units.
What is Standard Coverage?
Condo associations have bare wall coverage, and this is limited. To protect yourself, you’ll need coverage for plumbing fixtures, appliances, lighting, and other interior features.
The condo association’s policy will also not cover your contents including your furniture, clothes, home furnishings, and electronics. You’ll also want to have liability insurance in case someone is injured inside your home. Should they slip and fall on the sidewalk outdoors, the association’s liability insurance will cover it, but the interior is your own personal responsibility.
Here are some of the options available:
- Golf cart liability and damage
- Water or Sewer backup & sump overflow
- Pet or Animal liability
- Law and ordinance violations
- Loss assessment
- Rental units
- Extra liability insurance
- Special Coverage A – changes named peril coverage to open peril coverage
- Coverage C- protects personal property, not on the premises. For example, if you buy a new computer and it’s damaged in a traffic accident on the way home, Coverage C will protect it.
- Special Coverage C
- Refridgerated Property
- Identity Theft or Identity Recovery
- Scheduled Items such as Jewelry, Arts, and Collectibles
The Importance of Choosing the Right Agent
Choosing the right agent can make all the difference when it comes to condo home insurance in Florida. Because we are an independent agency, Dennis Insurance Agency can find you the best deals from the top-rated insurers in Florida. We offer some of the best rates for both new and older condos.
Are you interested in saving money on your condo policy? We have insurers that offer senior discounts and discounts for sprinkler and alarm systems. We have many other discounts available, and you can talk to an experienced independent agent from Dennis Insurance Agency to find out all you need to know.
Don’t take chances with such a valuable investment. Condo home insurance is not like standard homeowners’ coverage, so talk to an insurance specialist today about your needs. Our staff is here to help you find the lowest premiums and most coverage for your money. Call toll-free 800-238-7556 now or click this link for a free no-obligation insurance quote.