Every condo owner wants to ensure that their investment is protected, which is why all of them deserve the best condo insurance in Florida. Whether you are preparing to buy a new condo, investing in a rental property, or planning on relocating to Florida, how can you start finding the right condo insurance for your situation?
How Is Condo Insurance Different from Homeowners Insurance?
Homeowners’ insurance policies cover many of the same things that condo insurance does, but they lack the necessary coverage for the exterior walls of the building and any damage done to shared areas. Beyond your personal policy, your HOA will secure a master policy that covers the outside of your condo and the common areas. These two policies offer you protection and restitution in the event that your belongings or the condo itself are damaged.
What Things Are Covered by Your Insurance Policy?
One of the most important things that you should look for when you are trying to find the best condo insurance in Florida is great coverage. Most good policies will provide coverage for:
- Wind and hail damage
- Fire and smoke damage
- Vandalism
- Theft
- Riots and civil incidents
- Vehicles that were not owned or operated by you or your family
- Lightning damage
- Burst pipes
There are key omissions to most policies for flood damage, intentional damage, normal wear and tear, and earthquake damage. In some situations, you can get a rider to your policy that will provide you with coverage for things like floods.
How Much Protection Do You Have?
When you are purchasing your condo insurance policy, you will also need to consider the amount of coverage you need for each aspect of your policy. Personal property coverage extends to things inside of your home, from your furniture to your book collection, and from your laptop to your television. If you have many valuable personal belongings, you will naturally want to secure more personal property coverage.
Liability coverage will guard you against the financial toll of claims that could be brought against you due to property damage or a bodily injury that they claim is your responsibility. Cases like this can go to court and cost a tremendous amount of money, so you should work with your insurance company to make sure that you have coverage that makes you feel comfortable.
Loss of use coverage can also be included in your condo insurance, and this will help you afford to stay somewhere else temporarily in the event that your condo is damaged to the point you cannot occupy it for a period of time. You can customize this coverage based on the length of time it will cover and the amount of money it will offer towards your new accommodations.
What Endorsements or Floaters Do You Need?
In some cases, you might have very valuable personal property that requires more coverage than a traditional condo insurance policy might provide. Things like fine jewelry, art, musical instruments, very expensive technology, and guns can all be covered by endorsements or floaters that are added to your condo insurance policy. These will make sure that you have the money you need to replace expensive items like a $10,000 ring.
How Can You Get the Best Condo Insurance for You?
Before you get a quote, make an inventory of everything that you own to get a good idea of how much property coverage you need. Check with your HOA to see what level of coverage they have and whether or not you might need more insurance to make up for gaps in their coverage. You can also consider bundling your policy with other types of insurance to get a deep discount off of the normal rates.