Are you buying a condominium in Florida? People new to buying condominiums in Florida may not realize they should purchase Florida condominium insurance. The confusion comes in because the condominium association insurance also insures some portions of the condominiums. This covers liability insurance (for incidents in common areas), common property and the condominium building for the association, but not the inside of your dwelling.
Each condominium owner in Florida should have a condo policy that covers their property. What might you need to cover?
- Your personal possessions including furniture, clothing, jewelry and other possessions.
- You may need to cover fittings and fixtures if these are not covered by the association’s policy.
- Improvements you have made to the condo – for example, if you’ve renovated the kitchen – will need to be covered. In some cases, even if you haven’t the existing items may need to be covered your policy.
- Much like a home insurance policy, particularly valuable items may need to be covered by a policy endorsement or floater.
There can be variations in what association policies cover so be sure to get your Florida condominium insurance right. Speak to an agent to clarify issues if you’re uncertain.