Florida Condo Insurance Policy (HO6)

Many Florida residents appreciate the easy home maintenance and social atmosphere that comes with condominium living, thus making it a very popular choice for residents throughout the Sunshine State. From Miami Beach to Clearwater Beaches, and Jacksonville to St Augustine, the great ocean view comes with potential damage from storms, fire, and theft. As a condominium owner, it is important to understand what is covered by the insurance policy maintained by your condominium association, and what gaps you might need to fill with your own policy.

Condominium association policies typically cover common areas only, including swimming pools, community centers, elevators, hallways, landscaping, lobbies, and gyms. Common area policies protect against property damage and personal liability claims caused by accidents in these spaces. Additional coverage could be necessary as a property owner, and Heritage Property and Casualty’s HO6 policy provides coverage of a condominium unit when it is occupied by the owner or a tenant.

 

Medical Payments to Others and Florida Personal Liability Coverage

Condo Insurance – Medical Personal Liability Coverage Personal liability insurance provides coverage toward property damage and bodily injury to others when it takes place in your dwelling. You could be liable for damages and medical payments if a guest in your unit is injured from a fall or other mishap, even if it is an accident. You could also be responsible for accidents that take place away from your property when they are caused by you or family members who live with you. Personal liability covers not only your legal defense and damages if you are sued up to the limit of responsibility, but also provide for any medical payments if necessary.

Florida Loss Assessment Coverage

Condo Insurance – Loss Assessment Coverage When deciding how much loss assessment coverage to obtain, examine the coverage limits on the condominium association’s master policy and look for special deductibles for certain hazards. In the event of a significant loss that exceeds the condominium association master policy limits, you and your neighboring condominium dwellers might be asked to make up the difference. For example, the master policy might provide for a $500,000 property damage limit. After a terrible storm, $800,000 in damage to common areas is assessed. If you live in a 100-unit association, you and your 100 fellow condominium owners will each need to chip in $3,000 to cover the claim. Be sure to discuss this type of coverage with your Heritage agent so that you don’t end up having to pay for damage sustained to areas outside of your unit.

Personal Property and Valuables

Condo Insurance – Personal Property and Valuables Protecting your main dwelling is essential, but so is the replacement of your day to day items. Personal property coverage allows for the Actual Cash Value payment for clothing, household furnishings, and other personal property, up to specified limits, in the event of a covered disaster such as fire or a tornado. Having to purchase the contents of your home all over again is very costly, so be sure to inventory your belongings and maintain enough coverage for it to be truly effective. In addition to basic items, we also have additional coverage options available for increased limits on jewelry and fine art, as well as a replacement cost option on the personal property.

Permanently Attached Building Items Inside the Condominium Unit

Condo Insurance – Permanently Attached Building Items Inside the Condo Unit Your Heritage Condominium Insurance policy (H06) provides coverage for structures permanently attached to your condominium, even if they are on the inside of your unit. This includes hardwood floors or valuable wall finishes that the condominium association’s master policy might not cover. It is important to insure every aspect of your condominium, even items that not considered your personal property. We also offer coverage options for dog liability, identity theft, and personal injury. Contact your Heritage insurance agent today to determine the levels of coverage that are right for you and to learn more about our condominium insurance program. Your Florida agent will provide you with the information you need to secure a policy that’s right for you and your family. If you should need to report a claim, we will be there for you 24 hours a day, seven days a week to process your claim quickly and efficiently. This information is provided to you as an overview of our products and services. Consult your insurance agent to understand all of the provisions, limitations, and exclusions that are part of a standard condominium insurance policy.

 

Always Contact your Florida Condo Insurance Agent

Items that are covered by the condominium association are in their master policy. A Heritage insurance agent will give you a thorough review of the master policy to determine the proper amount of condominium insurance for your unit. Contact us right away to get the information you need to secure a policy that’s right for you and your family. If you should need to report a claim, we’ll be there for you 24 hours a day, 7 days a week to process your claim quickly and efficiently.

This information is provided to you as an overview of our products and services. Consult your insurance agent to understand all of the provisions, limitations, and exclusions that are part of a standard condominium insurance policy.

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