What does condo insurance cover in Florida?

Condo insurance in Florida

Apartment insurance generally contains four main types of coverage: building property coverage, personal property coverage, liability coverage, and loss of use coverage. Policies can also include a fifth coverage feature called loss assessment coverage, although this protection often costs more. However, if your apartment's primary insurance policy already covers some of these areas, you may not necessarily need all the protections available in the more comprehensive apartment insurance policies.

Building Property Coverage: This protects you financially from damage to the interior of your apartment unit as a result of a covered event, such as fire or wind damage. Depending on the limits of your policy, it will cover damage to floors, walls, tiles, cabinets, and other permanent fixtures in your apartment.

Personal property coverage: Personal property coverage protects your belongings that are not installed in your home. This includes clothing, furniture, mobile devices, and other belongings that are not attached to your unit. As with building property coverage, you will only be able to file a personal property claim if the episode is a covered event, and coverage will only extend up to the limits of your policy.

Liability Coverage - Condo Liability Coverage provides financial protection for you and your family in the event you are legally liable for bodily injury or property damage. Liability protection is an essential part of an apartment insurance policy, as unforeseen accidents can get you in trouble for thousands of legal fees. A typical apartment insurance policy covers $ 100,000 in liability compensation.

Loss of Use Coverage - This benefit, also called Additional Living Expense coverage, will pay you for the increased living expenses associated with living outside of your apartment if it becomes uninhabitable due to a covered event. So if your monthly bills increase because you are paying to live in a hotel, your apartment insurance company will cover those expenses up to the limits of your policy.

Loss Assessment Coverage: Apartment associations may charge individual apartment owners for costs related to common areas in an apartment complex, such as damage to the exterior of a building or medical bills for a guest's injury in a public area. Loss assessment coverage will cover this commitment fee, up to the limits of your policy.

Depending on the main policy of your apartment association, some real estate coverages provided in individual apartment insurance policies may be redundant. The primary policy is an insurance policy purchased by the apartment association, and the apartment owners share the cost. In general, there are three main types of apartment insurance policies: exposed wall coverage, single entity coverage, and universal coverage.

Exposed Wall Covering - This is the most basic type of major insurance policy. It only covers the structure of your apartment building along with the property in common areas; Nothing inside your apartment will be covered by these policies. If your building has exposed wall siding, you will need to cover the building and personal belongings on your apartment insurance policy to fully cover your apartment and its contents.

Single Entity Coverage - Also called an original specification policy, these policies are extended to cover exposed walls by including protection for embedded properties within the apartment, such as floors, walls, and static appliances. However, any improvements or redesigns to the unit will not be covered under the single entity policy. If your building has single entity coverage, you will still need to cover personal property, and if you do major renovations to your apartment, you can also create property coverage.

Comprehensive coverage - This is the most comprehensive type of primary insurance policy, as it covers all properties that are part of the apartment building structure, including improvements and additions to your apartment. Under this policy, all fixed property within your apartment will be covered, including walls, floors, and appliances. If you have this type of master policy and want financial protection for your entire property, you will only need to buy apartment insurance that covers damage to personal property, which means that you will find cheaper rates for your apartment insurance policy than those.