While your condo association likely carries an insurance policy that covers their property and the physical structures as well as common areas on the property, as a condo-owner, you want to ensure your property and possessions are adequately covered. From your appliances to your personal possessions to the upgrades you've added to the unit, The Insurance Ladies partners with many insurance companies that offer complete Florida condo insurance. Contact us today to find out how we can help you.
Florida Condo insurance typically includes a few standard coverages to help protect you, your condo unit and your belongings. Here’s a look at how these coverages work:
If anyone is injured while visiting your condo and you are fault, having Liability coverage may help you pay for related Legal expenses or your guest’s resulting medical bills.
If a guest is injured at your condominium, guest medical coverage may help pay for related medical expenses even if you are not at fault.
Belongings such as electronics, appliances, furniture and
clothing are typically included under personal property coverage. If they are stolen or damaged in a covered claim, this coverage may help pay to repair or replace them.
This type of coverage typically helps pay for repairs to the walls of your condo unit and its interior, which could include items such as built-in bookcases and fixtures,if damage is caused by a covered peril.
Condo owners can typically need to be very specific which type of personal property coverage, would they preferred because it would determine how much your policy will reimburse you after a covered loss. They include:
Actual cash value, which typically pays you for the depreciated value of your damaged belongings.
Replacement cost coverage, which does not take depreciation into account. This coverage helps reimburse you for the difference between the actual cash value of your belongings and what you paid to repair or replace them.
Keep in mind that each coverage comes with a limit the company will pay out, which is the maximum amount you can be reimbursed for a covered claim. You may also need to pay a deductible before your coverage kicks in.