Most condo policies also include coverage for common area items such as locks on doors, hallways, and elevators, lightning in the building, and liability if someone is hurt on your unit’s property or in the common areas. Many condo features can be included in the building’s policy, like basic liability protection. Call Prestige Insurance Group for inquiries in Miami, FL.
What the Condo Insurance Entails
Condo insurance will cover your personal belongings, your liability, and any other risks associated with living in a condo or apartment. The standard policy covers your personal belongings, including furnishings, clothing, fixtures, and appliances, while the extended policy also covers the property you rent out to tenants.
Condo insurance also includes liability coverage in case someone is injured on the premises or if someone is hurt on your property due to an insurable risk such as faulty wiring or a slippery floor. Some condos have building policies requiring you to sign in to live there. It is vital that you read the policies carefully, so you know exactly what they cover and what they don’t.
Most building policies don’t cover damage caused by floods or earthquakes but only those that occur because of poor construction or lack of maintenance by the condo board. Factors that can impact the cost of your condo insurance include where you live (location), the type of coverage you choose, and the length of time with your current insurance provider.
Some typical condo insurance policies include protection against loss from fire, lightning, windstorm, smoke, vandalism, theft, and water damage. Coverage typically includes replacing the building and contents, repair of the building, and medical expenses for the residents. The policies typically cover damage to the interior of the condo building that occurs during an incident.
The insurance is primarily intended to protect the personal property of the insured person(s). However, coverage for items like guest rooms, other common areas, and landscaping is generally provided by homeowners’ or renters’ insurance, not condo insurance. Condo owners’ policies typically cover damage to your unit.
Final Words
Condo insurance covers the value of your unit in the event of a claim, such as a cost to repair or rebuild your unit. It also covers liability for guests, common areas, and the physical structure of your unit. The cost of condo insurance varies depending on the property and location. Generally, the more expensive the property, the higher the cost. For expert help in Miami, FL, visit or call Prestige Insurance Group.
