Florida condo insurance’s annual premium is about $997 per year.

Water damages to the condo’s exterior are usually covered by your condo association’s master policy.
You are responsible for purchasing coverage for the interior of your unit and personal belongings.
Condo insurance does not cover water damages from flooding and lack of maintenance. 

Condo insurance, like homeowners insurance, protects your home from water damage, fires, lightning, and windstorms. But if you own a condo, you’re usually obliged to cover damages to your unit’s interior like built-in appliances, personal property, liability claims, and any additional living expenses you need to make if your unit is temporarily uninhabitable. 

The condo owner is responsible for the building’s exterior under dwelling coverage. Your HOA’s master policy will cover some water damages, but you may be responsible for other water damages depending on the situation. 

Does condo insurance cover water damages?

Your homeowners insurance policy will cover damages to your dwelling if you’re a homeowner. So you’ll need condo insurance if you live in a condo or co-op, also known as HO-6. Condominiums are owned and managed by the condo association. That being said, the HOA will have a master policy to cover the building and common areas like the lobby or gym. 

A standard condo insurance policy will cover what your HOA does not; for instance, your unit itself, and your belongings. Your HOA master policy may have “all-in” coverage which protects the entirety of the dwelling, including your interior unit. It is a good idea to check your condominium’s shared insurance declaration page to see if you need to purchase dwelling coverage for your unit’s interior. 

When does homeowners insurance cover water damage?

Water damage is usually covered if the damage is sudden and accidental. “Coverage under your condo insurance policy may …read more

Source:: Business Insider

      

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *