Florida condominium insurance differs from homeowners insurance in a similar way that a house differs from a condo. Should you own a house, you are usually responsible for the external walls and outdoor areas including the upkeep of the garden and maintenance of the lawn. You would own this as part of the ownership of the property and your homeowner’s policy should reflect this. However with a condo, you own the inside of the apartment (although the finer details of this depend on the agreement with the Condo Board or Association) and share outside living, garden and amusement areas.
You may consider that the Condo Association’s shared insurance policy is adequate to give coverage and that as such you do not need to have your own condominium insurance. However there are a number of areas where the Association’s collective insurance will not give financial protection. These include loss of possessions due to theft, internal damage to the condo or liability due to injury of a person while inside your apartment.
While instances vary (and here it is important to understand exactly what your master Association’s policy gives coverage for) the collective insurance usually ends at the outer walls of your apartment. For more information about Florida condominium insurance to insure the inside of your condo or apartment, talk to one of our agents.