Condo Damage- How Does Condo Insurance Work?

how does condo insurance work

Florida is known for its beaches. Who does not want to live on the beach or close to it? However, for most of us, owning a home on the beach can be cost-prohibitive due to the expense of the land and cost of special construction to withstand hurricanes and storms. For this reason, condominiums have become very popular up and down the coast of Florida.

However, condo damage does happen. Unlike typical home ownership where you can get a homeowners policy that covers the property and all the contents, there are different types of insurance policies that are available for condo damage. These two types are:

  • Bare Walls-In.  Covers all real property from the exterior framing inward, but does not cover the fixtures and installations within the condo unit. So, things like granite countertops, bathroom and kitchen fixtures, and the flooring are not covered by the master policy. This condo owner will probably have the greatest coverage need.
  • All-in.  Covers fixtures, installations or additions within the interior surfaces of

    the perimeter walls, floors and ceilings of individual units.

  • Association Deductible . If there is major condo damage to the structure of the building (roof, walls etc) that is outside of your condo, this will have to be covered by a commercial insurance deductible that is split among all condo owners. It is important to determine how much that deductible is.

One thing to remember is to make sure you have both content and structure insurance to cover condo damage. Content insurance content includes: furniture, area rugs, electronics, etc. Structure insurance includes cabinetry, countertops, carpeting, lighting, etc. Basically, anything that is not attached to the structure is content, everything that is attached is structure.

If you own a condo, and experience condo damage such as water damage, fire damage or mold damage, we are here to help 24 hours a day 7 days a week. Give us a call and we will provide you with an estimate and start working quickly to get you back to enjoying your condo again!


Category: Insurance

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