In most cases, the building’s structure and common areas are protected under a policy known as a Master Condominium Policy held by the condo association.
As a condo owner, you are typically responsible for all interior construction and fixtures within your unit. This includes flooring, drywall, cabinetry, and more.
This is the coverage that will protect the inside of your condo as well as its contents.
This coverage provides legal representation and insurance against judgments. Our recommendation is no less than $300,000 in coverage for liability
If you do have a loss at your condo, this protection can cover expenses during the period of reconstruction.
This coverage can reimburse medical expenses incurred by guests who have had an accident on your property.
In a condominium, sometimes the association requires an assessment on all unit owners for certain covered losses. This coverage will pay your share up to your policy limit.
Florida House Bill 601, applies to all condominium policies issued or renewed after January 1, 2009. If you do NOT have condo insurance, take note! Your condo association has the ability to “force place” insurance, if not obtained on your own.
In accordance with the new law, your condominium association will be treated as a named insured and loss payee for covered reconstruction costs related to any condominium property that the unit owner is required to insure. This change does not increase your policy’s coverage. It simply means that the condominium association will be named, in addition to you, on any loss payments made under Building Property Protection, of your policy. This change does not provide the condominium association with the right to cancel your policy. They are listed as an Interested Party on your insurance in order to coordinate coverage in the event of a loss in which both parties are responsible.