If you're like most condo owners, you probably chose a condo lifestyle for its many benefits. In addition to living in a community environment that offers more of a social life, you don't have to mow a lawn, and there's more security. But you still need condo insurance, just as you would when owning a home. Here are some basic considerations when buying condo insurance and what we have to offer, regarding condo insurance in Pinellas Park.
Optional loss assessment coverage is also available to protect you against certain assessments that may be levied by the association. You would be compensated for additional living expenses incurred should you need to vacate your condo after a covered loss. Let ARCW Insurance help you find the right amount of coverage to suit your Florida condo insurance needs.
Florida Condo Insurance
Condo insurance provides coverage for your personal property and much more. For a few more dollars, you can elect to carry Full Value Personal Property which ensures that you are reimbursed full replacement value without regard for depreciation after a covered loss.
If you have upgraded cabinets or put in hardwood floors, condo building item coverage protects these investments. Be sure to consult your HOA agreement to determine what the Association policy covers and what you are responsible for. If common areas are damaged, your condo association may levy assessments against all the owners to pay the deductible on their association policy.
Various limits of loss assessment coverage are available. Be sure to consult the HOA agreement to determine the potential for such assessments. We can help you determine your coverage needs to make sure you’re properly covered.
Differences between condo and house insurance
Although both homeowner's policies and condo policies, also called "HO-6 policies", offer similar coverage, they are some differences. While homeowners need coverage for both their house and property, condo owners just need their individual units covered and not the land.
What’s covered in condo insurance
- Personal property coverage and liability—Florida condo insurance covers personal property, besides much more.
- Guest liability—This provides partial or full coverage for medical and legal costs when a guest or someone else becomes injured on your property. On the other hand, you generally do not need liability protection when a claim involves an injury occurring in a common area, such as someone slipping on the front stairs of the building.
- Damage to the interior of a unit is covered. This includes walls, ceilings, wiring and plumbing that's covered by personal property insurance but not covered in a master's insurance policy.
- Housing displacement—This policy covers living costs when forced to temporarily relocate because of damage.
What isn’t covered in condo insurance
Just as with a typical homeowner's insurance policy, there are some exclusions that requires buying a separate policy, such as for:
- Earthquakes—Unless you live in region known for earthquakes, you probably don't need coverage.
- Floods—If you live in an area prone to flooding, it's a good idea to get a separate policy for covering damage from floods.
- Pest damage—Condo insurance does not cover damage from pests or pest removal. Thus, you'll have to pay out-of-pocket for pest problems, such as bed bugs, terminates, birds, roaches or rodents.
- Damage from abuse or neglect—This is not just simple wear and tear caused by the deterioration of a building but is the result of neglecting to maintain a unit or abuse.
- Mold— Although most insurance companies don't cover damage from mold, in certain cases, you may file an insurance claim, such as when having a pipe burst while you're away on vacation. Nevertheless, mold caused by floods are not covered but require flood insurance from a separate policy.
Protect Yourself and Your Guests
Cost of condo insurance
Consider how getting more coverage means paying a higher premium. Thus, to avoid overpaying for coverage that you do not need, choose a policy that fits the climate where you live. In other words, if you don't live in a coastal area or on a fault line, you probably don't need flood, hurricane or earthquake insurance. Also, keep in mind that the cost of a condo insurance premium depends on where you live or your state.
Ask about discounts, considering that different insurance providers have various discounts for which you may qualify. Furthermore, when deciding on a policy, ask an agent how you can reduce your rates.
Other condo insurance considerations
- Additional coverage doesn't necessarily cost much.
- Consider how for just a little more money, you have the option for carrying Full Value Personal Property. This ensures you'll be fully compensated for full replacement value, regarding depreciation following a covered loss.
- Often condo owners buy personal umbrella liability insurance for wider protection.
- In most cases, just like most homeowner's policies, condo insurance can't be deducted on your income taxes. On the other hand, it may be possible to deduct the cost of your unit when renting a condo to someone else.
- You can usually deduct some of your condo insurance from your taxes when running a business out of your condo unit.
- If you intentionally damage property or hurt someone, you are totally responsible for all the legal and medical consequences.
Your condo insurance policy protects you and your family members against bodily injury and property damage liability claims and any litigation that may result subject to the limits you select. In addition, you can select medical payments coverage which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available.
Extra Coverage Doesn’t Have to Cost A Lot
Many people supplement their condo insurance coverage with personal umbrella liability insurance for broader protection. If you have special valuable items such as jewelry, art, antiques or collectibles, ask about our Valuable Articles which provides broader coverage and no deductible in the event of a covered loss.