Condo insurance offers the coverage you need for your property in Florida. It’s complicated because the building’s Home (Condo) Owner’s Association (HOA or COA) already covers the condo with a master policy. At Prestige Insurance Group in Miami, FL, we work with you to understand what’s covered under each policy, to understand where there may be overlap or gaps in coverage.
What’s Covered by Condo Insurance
When you buy a condo, the HOA and the mortgage lender often require that you hold an insurance policy. The HOA coverage falls under two main policy types.
- Bare Walls: It covers the building itself and the shared areas. It covers just the walls, floor, and ceiling.
- All In: It covers original features like lighting, cabinets, and plumbing. It does not include features that are not original, like a new kitchen sink, etc.
The master policy from the HOA may cover the basic structure and what originally came with the condo, but you’ll need to include anything else. Here are the primary considerations.
- Your personal belongings: It covers furniture, clothing, electronics, etc.
- Liability: It covers injury or damage, including legal and medical expenses, if a person gets hurt while on the property.
- Additional Expenses: It could cover a hotel stay while the condo is being repaired after a fire or disaster.
- Loss Assessment: It could cover the costs for damage that exceeds the HOA’s master policy.
Your condo insurance policy can be tailored to meet your needs. That’s why the next step is so important.
Next Step: Contact Prestige Insurance Group to Learn More
At Prestige Insurance Group in Miami, FL, we review your personal situation and make recommendations for the insurance coverage that will best meet your needs. We’re locally owned and operated, which means that we understand and can consult with you about the best coverage in this area. The process is quick-and-easy. When you come in for a free evaluation, we’ll review your situation and offer a comprehensive policy.