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What is Condo Insurance & What Does It Cover?

Condo insurance (HO-6 insurance policy) offers personal liability, living expenses, and condo coverage. The policy pays for incurred condo damages and repairs alongside the damages to the belongings. The policy comes in handy when your property gets vandalized or damaged by floods, fire, or storms. The extent of coverage depends exquisitely on the kind of condo insurance policy.

What Your Condominium Insurance Policy Covers

Before paying for a condo insurance policy, research its coverage limits. The best condo insurance in Florida covers a variety of damages and losses. That depends on the ingredients of the condo insurance in South Florida.

  • Interior walls: The best condo insurance companies in Florida pay for repairs of the condo’s interior walls and belongings. It covers damages to your built-in bookshelves, cabinets, and other interior wall-linked components.
  • Personal property: The best condo insurance policy in Florida also covers damages to your personal property. These include furniture, rugs, appliances, TV, pots & pans, clothes, dishes, and musical instruments.
  • Medical payments: The insurance for condos also covers injuries and medical expenses of your loved ones and guests injured in the scene.
  • Liability: The insurance policy also covers damages and injuries to third parties. Such may include dog bites and damages to a neighbor’s property.
  • Other expenses: Your condo insurance may also cover additional living expenses, including loss of use. The insurer may pay for costs you incur paying for pet boarding, lodging, and meals when your property gets damaged.

What Issues Will Your Condo Insurance in South Florida Cover?

The best condo insurance companies in Florida offer policies that cover varied related issues. In many instances, your condominium insurance will only cover damages caused by the following issues.

  • Fire and lightning damages
  • Explosion and smoke damages
  • Windstorm and hail damages
  • Civil and riot commotion damages
  • Accidental water flow and stream discharge, and overflow
  • Vandalism and malicious mischief
  • Spacecraft and self-propelled missiles
  • Impacts and damages from vehicles
  • Falling objects and theft
  • Volcanic eruption problems

What Problems Will Your Standard Condo Insurance Not Cover?

Before purchasing the best condo insurance in Florida, find out what it won’t cover. Below are vital problems most condominium insurance policies don’t usually cover.

  • Damages caused by floods, tidal water, surface water, and waves
  • Negligence and power failure
  • Nuclear hazard
  • Intentional loss
  • Governmental action
  • War
  • Natural disasters such as mudflow, sinkholes, landslides, land shock waves, and earthquakes

Common Types of Insurance Policies

There are three core types of condominium insurance policies. These main condominium policies fall under these categories:

  • Single entity coverage policy: This condo insurance covers every property in your condo. That’s in exception of your personal property. It may also cover fixtures and appliances but not renovations and improvements.
  • Bare walls-in policy: This type of policy covers the framing of the exterior parts of the condo. It won’t cover fixtures and appliances.
  • All-inclusive coverage policy: This all-inclusive policy mainly covers most condo repairs and property damage.

Before you purchase an insurance policy for your condominium, understand how it works and why you need it. For quotes and to purchase the best condo insurance in Florida, contact our experienced representatives at ZK & Associates.