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Condo Insurance – What Are You Responsible for as an Owner? | Naples Insurance Agency | Fort Myers Insurance Agency

Dec, 13

condo insuranceCondominium insurance is trickier than homeowners or renter’s insurance. This weird gray area happens because of the building itself, though each unit is individually owned, is community property.

If you live in a house, the entire structure falls under your policy. If you rent, the building is covered by the owner’s policy and you, the tenant is left to protect only the inner contents and your own belongings.

With condo insurance, if there is damage to the inside structure of the unit itself it is considered the liability of the tenant/owner. If your condo is run by a condominium association which is filed under the Florida Condominium Statute, condo owners are responsible for insuring a portion of their home on their own.

As a condominium owner, you are responsible for insurance on interior items excluded under the association’s master policy, as well as all personal property within the unit or limited common elements, which is the responsibility of the unit owner.

Determine how much coverage you need. Your Centennial Insurance Services representative is happy to help you estimate.

Ask other owners how much they’ve paid for upgrades like new flooring, countertops, and cabinetry. Then go from there. If something happens like a fire, you want to make sure you’ll be able to replace things like the floor and the walls, if you need to.

Before committing to a policy, it is a great idea to find out what the master insurance plan covers for your building complex. 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.

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. We have offices in Southwest and Northeast Florida and specialize in all of your Florida insurance needs.

At Centennial Insurance Services, we make this process easy. We will analyze your insurance concerns, and offer the best insurance policy options available. Please contact our office at 239-247-5125 for more information or to speak to one of our agents today. www.cisinsfl.com.

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