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The Facts About Condo Insurance

Owning a condo in Florida is a dream come true for many people. Whether you are a snowbird or a fulltime resident, you need to protect your home from all the unforeseen events that can happen in life. No matter where your condo is located on the ocean or gulf, overlooking the intercostal or set in the lush inland areas, you need the kind of condo insurance coverage that we at Premier Brokers Corp can help you find.

Condo coverage is unique. Unlike a standalone home, the exterior of the building in most units is covered by a master policy that is provided by the HOA (Homeowners Association). While you own your unit outright, you also share the exterior and common areas with other owners. This makes protecting yourself important for your financial security.

What the HOA Master Policy Covers

The HOA Master Policy usually covers the land, common areas, shared amenities, and exterior structure. This coverage also extends to liability if someone is hurt on the exterior of the property.

Individual Condo Coverage

Personal Property When a covered event happens you will be able to replace your personal belongings. If you have expensive jewelry or other high-value items, you may need additional coverage. This also includes theft or loss away from home.

Liability If someone is hurt while visiting this insurance will protect you in the event of legal action.

Interior Structure Things like flooring, granite countertops and fixtures are usually the responsibility of the owner if they are damaged.

Loss of Use This coverage pays for you to live somewhere else if your unit becomes uninhabitable due to a covered event.

Loss Assessment If a covered event goes beyond the limits of the HOA Policy this can help you pay your part of any additional payments you might be required to make.

Our homes are the biggest investment most of us make. Why not stop by or call our knowledgeable agents at Premier Brokers Corp to make sure that your Florida condo insurance protects you from all the mishaps that can happen.

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