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Miami, FL 33186

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4 Benefits of Condo Insurance

Owning a condo in Miami, FL is excellent, but you need to think about condo insurance to protect you and your valuables. Unfortunately, many people forget about condo insurance since they assume they are covered by the condo owners association (COA) master policy. While it’s true that the COA policy protects you, it only extends to common areas and the exterior of your condo unit. Therefore, if theft or fire were to strike, your personal belongings aren’t covered by COA master policy. 

With this in mind, you need condo insurance from Prestige Insurance Group to accrue the below benefits. 

Protect your interior’s dwelling

Since the COA policy doesn’t cover the interior of your dwelling, it’s for this reason you need condo insurance to protect your dwelling’s floor, roof, walls, and fixtures if damage were to occur. 

Loss of use coverage

If a covered peril were to damage your condo unit, you would have to seek a temporal shelter as your dwelling undergoes repairs. In the process, you would incur expenses like hotel food and accommodation that you hadn’t planned for. Thankfully, condo insurance covers expenses beyond your everyday living expenses until your condo becomes livable again.

Liability coverage

Condo insurance can save you tens of dollars in medical costs and lawsuits for injuries happening to guests within your premises. Besides, liability coverage protects you against property damage that you and your family members inflict on other people. 

Protects your assets

Your condo interior wouldn’t look great were it not for assets like furniture, electronics, and other belongings. Unfortunately, perils like fire, theft, and water damage can cause loss or damage to your assets. Without condo insurance, you will have to repair or replace your assets from your pocket.

Condo insurance in Miami, FL

If you would like more information regarding condo insurance, please contact Prestige Insurance Group in Miami, FL. Our team will help you make an informed decision when buying condo insurance coverage.

What You Should Know About Condo Insurance?

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.

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