Florida Condo Insurance
- Florida Condo Insurance
Florida condo insurance, also called an HO-6, is what protects all of the Sunshine State’s high-rise and low-rise condominiums, acting as a barrier between the beautiful beaches and Mother Nature’s harsh wrath.
But even though Florida’s coast is lined with condos, a Florida condo policy can protect nearly every condo in the state, whether they’re far inland, secluded in the pine fir forests or lining the streets of its many bustling cities.
Since condo owners don’t own the property in which their condo sits on and they aren’t directly responsible for maintaining the exterior of the property, Florida condo insurance is considered a walls-in policy. That means condominium owners can acquire cheap condo insurance in comparison to what stand-alone homeowners need to buy.
From the policy protections to finding the best prices and from Florida condominium insurance requirements to getting quotes, this is what you’ll need to know about your policy in the Sunshine State.
What Insurance Do I Need for a Condo in Florida?
☘ Since it’s a walls-in policy, meaning only what’s inside the four walls of a condo are typically covered, an HO6 begins with coverage for personal belongings. This helps to protect items you keep inside your home, such as clothing, computers, furniture and TVs. Since condo owners don’t own the property outside their unit, belongings that are permanently kept outdoors may not be covered.
Loss of Use
☘ If a peril occurs that damages or destroys your condo, causing you to temporarily move out, loss of use can help to cover monthly rent at an equivalent home, storage fees, pet boarding and many other expenses you wouldn’t have incurred had you been living in your unit. Since your neighbors may not be as careful as you, loss of use is pivotal in protecting your wellbeing.
☘ If an accident occurs to a guest in your condo unit and you’re deemed liable, personal liability coverage can step in and help pay for medical bills and legal expenses for major incidents like dog bites, broken bones or even accidental death. For condo owners, personal liability is typically the highest amount of coverage you’ll maintain.
☘ MedPay, as it’s often called, is similar to personal liability in that it covers injuries that occur on your property. But with medical payments coverage, only medical bills for minor injuries will be paid — no matter whether you’re at fault or not.
☘ If the condo’s master HOA policy maximums don’t pay for significant damages or incidents, each owner will have to pay a special assessment. This add-on protects policyholders from paying significant special assessment fees handed down by the condo complex.
Building Property Protection
☘ Condo insurance is a walls-in policy, so you don’t have to protect the building’s structure. But building property protection protects the walls and interior of your condo unit if they’re damaged or destroyed by a covered peril, which is important since you may have many neighbors.
What Does the Average Condo Insurance Cost in Florida?
The average condo insurance cost in Florida depends drastically on your condo’s location and worth. Although the average cost for inland condominium owners may be about $500 per year, you can expect to pay a lot more if your condo is directly on the beach, on the first floor near a body of water or in a hurricane-prone area like the Panhandle or South Florida.
Typically defined as a walls-in policy, condo insurance in Florida extends coverage to most things within the walls of a condo. Since the policyholder’s don’t own the structure in which the condo resides, coverage extends to personal belongings, liability incidents and loss of use claims.
With the excessive number of condos in high-risk areas in Florida, it’s consistently the most expensive state for condo insurance each year. Condo insurance works in addition to the unit’s HOA policy, which extends coverage to the units but usually not the condo owners.
As a risk mitigator, beachside condos are more susceptible to hurricanes, tropical storms and generally much higher winds. If your condo is located on the first floor off of Intracoastal waters, it’s more susceptible to flooding or other water damage. There are a multitude of factors that play an equally important part of condo insurance cost in Florida.
How to Get the Best Condo Insurance in Florida for Cheap
Getting the best condo insurance in Florida for the cheapest price possible — while still maintaining adequate coverage — is all about getting multiple quotes from multiple carriers. Luckily, our online quoting tool does the hard work for you by compiling quotes from the Sunshine State’s leading carriers and providing a policy that has the coverage you need and the price you want to pay.
Our intuitive tool makes adjusting your coverage limits easy with a simple slider tool. Plus, you get best-in-class service with our team of licensed agents that are always there to answer any questions you may have.
Protect everything your condo association doesn't with a custom condo insurance policy at an affordable price.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.