If you’ve recently purchased a condo in Florida and already possess a homeowners insurance policy, you might think you’re fully covered. However, insurance for a standalone house differs significantly from what’s required for a condo. Collaborating with Runnels Insurance, serving Brandon, FL, to ensure you have the appropriate coverage is crucial for safeguarding your investment.
Condo Insurance Differs from Homeowners Insurance
Traditional homeowners insurance, often referred to as an HO-3 policy, is designed to cover a single-family home, including the structure and the land it occupies. On the other hand, condo insurance, typically known as an HO-6 policy, is customized for units within shared buildings. It covers your individual unit, your possessions, and certain interior parts, but not the entire building or shared areas.
Typical Coverage Provided by Condo Insurance
An HO-6 policy generally includes coverage for interior walls, floors, ceilings, appliances, and personal property. It also offers liability protection and may include coverage for loss of use if your condo becomes uninhabitable following a covered loss. However, it doesn’t cover the building itself, common hallways, or the roof—your condo association’s master policy covers those areas.
Review the Condo Association’s Master Policy
In Florida, condo associations often maintain a master insurance policy that covers the building’s exterior and shared spaces. However, coverage varies among associations. Some may include limited interior coverage, while others do not. Reviewing the association’s policy to understand exactly what you’re responsible for insuring independently is crucial.
Transitioning from a house to a condo involves more than just updating your insurance. It ensures your property and liability are adequately protected. A local agent like Runnels Insurance, serving Brandon, FL, who is familiar with the Florida market, can guide you through what you need and help you avoid paying for unnecessary coverage.
