CONDO UNIT OWNER INSURANCE

Do you live in Florida, want to enjoy in paradise & have a pool (or other amenities), but don’t want to maintain the exterior property like you would with a single family home? If the answer is yes, a condo is the perfect form of ownership for you. Condominiums are a unique form of ownership where there is joint ownership of common elements (i.e. the pool.), membership in the association, and exclusive ownership of a single unit.

What Do I Need to Insure?
So you’re just about to buy a condominium in Florida. You’ve tried to read the Governing Documents of the association, but they are filled with legal jargon and now you’re totally confused about what is your responsibility to insure. Well the first place to look is Florida Statute 718 which helps to define the responsibility of both the condominium and condo unit owner. As a unit owner for Hazard (non-Flood) insurance you are responsible for the following Building items:

  • Floor coverings
  • Wall coverings
  • Ceiling coverings
  • Electrical fixtures
  • Appliances
  • Water heaters
  • Water filters
  • Built in cabinets
  • Built in countertops
  • Window treatments

How do I insure the Building and also my stuff?
The best way to insure your unit is to purchase a Unit Owner policy (HO-6). These policies provide Building coverage for the above mentioned items, Contents coverage for your furniture, clothes, electronics, and other goods (or stuff), Loss Assessment, and Personal Liability to protect you against lawsuits. Your agents at Insurance Resources have access to many of the carriers providing these types of policies to Floridians, and will shop to find you the most comprehensive and competitive coverage.

What should I ask my agent?

  • Can you use my association’s Wind Mitigation to apply credits to my policy?
  • Will sprinklers help to reduce my premium?
  • How much loss assessment is required by the Florida Statutes?
  • Do I need Flood insurance?
  • I live in a HOA. Do I need a HO-6 policy?

Standard Coverages Offered

  • Building
  • Personal Property
  • Loss of Use
  • Loss Assessment
  • Personal Liability
  • Medical Payments
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