If you choose to buy a condo rather than a stand-alone home when you make the leap from renter to homeowner its important to know what you are getting into and what you, as the owner, are responsible for and what the association fees cover so that you are not only safe but not overpaying.
If you are used to renting, when something breaks or is damaged, you just call the management company or landlord. When you are the owner, there is no one to call other than a repairman. The funds must come from your own pocket.
In Florida, if it is a condominium association filed under the Florida Condominium Statute, condo owners are responsible for insuring a portion of their home on their own.
Talk with your condo association board. Find out what the master insurance plan is for your development. Under Florida Statute, the condominium association insures the original structure of the building but excludes the wall, floor, and ceiling coverings; electrical fixtures; appliances; water heaters and filters; cabinets; countertops and window treatments. Items must be similar to ones that were originally installed or replaced with like kind and quality, in accordance with the original plans and specifications of the unit.
As a resident owner, you are responsible for insuring the interior furniture and structures which are excluded under the association’s master policy. You are also responsible for all personal property within the unit or limited common elements, which is the responsibility of the unit owner.
Work with your insurance representative to determine how much coverage you will need for your condo, consider replacement value and labor costs to repair and replace anything that could be damaged.
At Centennial Insurance Services, there is no complicated process. We believe in making it simple. We will analyze your insurance concerns, and together with our reliable staff, offer the best insurance policy available. Please contact our office at 239-247-5125 for more information or to speak to one of our agents today. www.cisisnfl.com
Centennial Insurance Services offers condo insurance at a great rate. If you’re looking for a quick and easy quote, our independent agency can provide you with one in 24 hours.