Find the Best Condo Insurance Options in Florida
Florida is filled with condominiums. Condos have different exposures than single-family homes or even apartments, so they need a special kind of protection. If you're among the many condominium owners in the Sunshine State, you'll need condo insurance, which is also known as HO-6 insurance.
An independent insurance agent in Florida can help you find the best condo insurance policy to meet your coverage and budget needs. These agents can work with several different insurance providers to ensure that you get the right policy at the best possible price. But first, here's an overview of condo insurance in Florida.
What Are the Best Condo Insurance Companies in Florida?
Condo insurance is available from many different carriers in Florida. However, only a few companies offer the best blend of overall coverage and cost.
When you're ready to get set up with the right condo insurance in Florida, you won't want to waste time weeding through the pack. That's why we put together this list of the best condo insurance companies in Florida for you.
- Cypress: The cheapest condo insurance company in Florida is Cypress, which offers policies at an average of $96 per month or $1,152. Cypress is also rated "A" for financial strength by Demotech, making it a trustworthy carrier for longevity.
- Castle Key: Another great choice for condo insurance in Florida is Castle Key, which offers policies at an average of $104 per month or $1,248 per year. Castle Key is a subsidiary of Allstate, another top-rated carrier, and has a "B+" rating for financial strength from AM Best.
- Citizens: You can also get affordable condo insurance in Florida from Citizens, at an average of $116 per month or $1,392 per year, but you must meet certain criteria to do so. Citizens is a nonprofit carrier that offers coverage to customers who aren't able to get condo insurance from a private insurer or those who cannot find comparable coverage for less than 20% higher than Citizens'.
An independent insurance agent in Florida can help you find the right condo insurance from one of these top-rated carriers.
What Does Florida Condo Insurance (HO-6) Cover?
Condo insurance in Florida is designed to cover your personal property or contents, your personal liability, medical payments, loss of use, and more. Your personal property can be repaired or replaced if it gets stolen, lost, damaged, or destroyed by a covered disaster like fire or vandalism.
Condo insurance also provides coverage for damage to the dwelling or structure of the unit and protection against lawsuits filed against you by guests and other third parties. Here are some of the standard coverages often found in Florida condo insurance:
- Personal property coverage: Condo insurance provides coverage for your personal belongings, also called contents, against many types of disasters including theft, fire damage, and more.
- Loss of use coverage: Condo insurance includes coverage for additional living expenses if your unit becomes temporarily uninhabitable and you must stay somewhere else while it's undergoing repairs. This coverage can pay for hotel rooms and more.
- Personal liability coverage: Condo insurance provides coverage for bodily injury or personal property damage claims filed against you by third parties. Coverage can pay for legal fees, including attorney and court costs.
- Medical payments coverage: Condo insurance can include coverage that pays for the treatment of injuries to guests who get hurt on your property.
- Loss assessment coverage: Condo insurance provides coverage for losses that might exceed your homeowners association's coverage limits. This coverage can be applied to damage to common areas that was your fault.
- Building property (dwelling coverage): Condo insurance includes protection from damage to parts of your unit that are permanently affixed to the structure, such as flooring, walls, and counters. These elements are not covered by the homeowners association's master policy. Coverage can also apply to improvements or changes you've made to your unit.
- Fire coverage: This is an optional coverage that can be added to condo insurance for extra protection against fire and lightning damage. Fire and lightning are the two most common perils that affect homes and cause costly damage.
A Florida independent insurance agent can help you get equipped with all the types of condo insurance you need in your policy.
Additional Condo Insurance Coverage in Florida
You might still need to add more coverage to your condo insurance beyond what's typically included in standard policies. Having additional coverage for valuable items, for example, can greatly benefit you if a disaster destroys your personal property that would otherwise exceed your policy's limits. You might also want protection against natural flooding incidents that would typically be excluded by condo insurance. Just a few of the most commonly added coverages under Florida condo insurance are:
- Additional valuables riders: You may need to purchase additional riders or endorsements for valuable personal property you have in your condo like jewelry, artwork, collectibles, electronics, etc. This high-value property could otherwise easily exceed your policy's coverage limits if it got destroyed in a major disaster like a fire.
- Water backup coverage: You might choose to add protection to your condo insurance against water backups from sump pump failures or sewer breaks or leaks. Otherwise, these incidents are excluded by most condo insurance policies.
- Flood insurance: To have protection against natural flooding events like hurricanes and snow melt and the damage they can leave behind, you'll need a separate type of coverage known as flood insurance. Condo insurance otherwise excludes natural flood damage to your unit and personal property. You'll definitely want flood insurance if you have any concerns about ever experiencing a flooded basement.
Your Florida independent insurance agent can help you add any extra coverages you need to complete your condo insurance policy.
What Does My Homeowners Association Master Policy Cover?
Your condo's homeowners association (HOA) master policy is already in place before you move in to provide some coverage for your unit. This insurance is designed to cover the following:
- Damage to your building’s structure including its roof, walls, stairwells, and elevators
- Damage to common areas such as swimming pools, gyms, and clubhouses
- Lawsuits related to injuries or property damage that occurs in common areas, parking lots, garages, walkways, or yards.
Not all HOA master policies cover the same elements, so be sure to find out how much of your specific unit is covered. You can then buy a condo insurance policy that will supplement the HOA master policy's coverage.
Here are the three types of HOA master policies to be aware of:
- Bare walls coverage: This covers everything from the walls of your unit out. You're only responsible for covering everything inside your condo, including wallpaper, light fixtures, furniture, appliances, and your personal property.
- Single entity coverage: This is similar to bare walls coverage but also covers light fixtures, built-in appliances, and sometimes additional property as specified by the policy.
- All-in-one coverage: This is the most comprehensive master policy available. In addition to the structure of the building, it also covers damage to your unit’s interior walls, floors, windows, light fixtures, built-in appliances, and anything else that was included in the unit.
A local Florida independent insurance agent can help you review your HOA's master policy so you can be sure to get enough condo insurance to supplement it appropriately.
How Does Florida Condo Insurance Cover Your Personal Property?
Condo insurance basically provides walls-in coverage for the property in your condominium. The outside structure, including the roof, siding, and often even the windows, is covered by your HOA master policy.
The contents coverage in your condo insurance policy is designed to cover the cost of repairing or replacing your belongings if they get lost or damaged due to a covered event. Examples of covered events include:
- Property crimes like theft and vandalism
- Fires, whether they started in your own home or a neighboring unit
- Severe weather like thunderstorms, windstorms, and tornadoes
You'll need to make sure your contents' coverage limits are high enough to fully replace your belongings if they get destroyed in a disaster like a fire. If you own any particularly expensive property, you may need additional endorsements or riders to get full coverage.
What Isn't Covered by Condo Insurance in Florida?
Your condo insurance policy won't cover anything that's already covered by your HOA’s master policy. This shouldn't be a problem since both policies are ultimately protecting you.
Also, as with any home insurance policy, condo insurance excludes coverage for damage caused by floods. The risk of flooding disasters is very high in many parts of Florida, so make sure you have all the coverage you need.
If your condo unit is on the second floor or higher, you're likely safe from losing personal property to flood damage. But if you have a ground-floor condo or townhouse, you can get the protection you need against flood damage by supplementing your condo insurance with a flood insurance policy.
How Much Does Condo Insurance (HO-6) Cost in Florida?
Condo insurance is more affordable than traditional homeowners insurance. Lower rates are possible because your condo insurance policy doesn't need to cover the structure of the building or common areas you use. Here's a comparison of the average cost of homeowners insurance vs. condo insurance in Florida:
- FL average home insurance cost: $2,385 per year
- FL average condo insurance cost: $1,457 per year
Working together with an independent insurance agent in Florida can help you get the best rate for your condominium or townhouse insurance coverage. These agents can easily compare a few quotes from different carriers for you before you choose a policy. Florida independent insurance agents make comparison shopping easy.
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Factors that Affect Florida Condo Insurance Premiums
Several different factors influence the cost of condo insurance in Florida. Your exact location in the state and that area's risk of storm damage or crime plays a major role. So does the age of the building you move into, the deductible amount you choose, and your claims history.
Here are several common factors that can influence the cost of condo insurance in Florida.
- Location: The town you live in in Florida will have different condo insurance rates than another city. Local crime rates and property values are a couple of reasons why.
- Age of condo: The older the condo you live in, the more your condo insurance may cost. Older condos may require more maintenance and be seen as a higher risk to insurance companies.
- Deductible: The higher the deductible amount you choose, the lower your policy's premiums can be. However, you'll have to pay more out-of-pocket if you file a claim.
- Building characteristics: Certain features of condos, such as pools, can create more risks for insurance companies. As a result, condo insurance costs can be higher.
- Claims history: Your personal claims history impacts the cost of all your policies. If you've filed claims in the past, you can expect your premiums to be higher than normal.
- Credit score: Higher credit scores can lead to lower insurance rates. This is true of many different types of coverage, including condo insurance.
A Florida independent insurance agent can help you find the most affordable condo insurance in your area.
Florida Condo Insurance Cost by County
Condo insurance rates vary by which Florida county you live in. You could have the exact same coverage in two different counties, but the price of each policy could be completely different just in relation to the area. Here are some Florida counties and the average cost of condo insurance in each one.
|Florida County||Average Cost of Condo Insurance Per Year|
|Palm Beach County||$1,668|
Florida Condo Insurance Discounts
Saving money on condo insurance in Florida is possible when you apply discounts. Depending on the carrier you go through, you may find different discount options than you would from another insurance company.
Here are some of the most common condo insurance discounts you can expect to find from many carriers in Florida:
- Customer loyalty discounts
- Bundling discounts
- Claims-free discounts
- Paid-in-full discounts
A Florida independent insurance agent can automatically find and apply any discounts you qualify for on condo insurance to your policy to reduce your rates as much as possible.
How to Get a Florida Condo Insurance Quote
When you're looking for the right condo insurance policy to meet your coverage and budget needs, start contacting a local independent insurance agent in Florida. Because these agents aren't captive to just one insurance company, they can obtain quotes from several different insurance providers. They can compare coverage and rates for you and select the policy that offers the best value for your money.
There are thousands of independent insurance agencies located throughout Florida. Find an independent insurance agent near you today to start comparing customized condo insurance quotes.
Florida Condo Insurance FAQs
Florida condo insurance covers the items listed in your specific policy. But most condo insurance policies include coverage for your personal belongings, the structural elements of your unit, your personal liability, and more.
You'll need to get the amount of condo insurance required by your landlord or homeowners association. However, the state of Florida requires all condo tenants to have at least $2,000 of loss assessment coverage in their policies. Other amounts and requirements may vary by location.
The average cost of condo insurance in Florida is $1,457 per year or about $121.42 per month. A Florida independent insurance agent can help you find the cheapest coverage near you.
Our research found that the best and cheapest condo insurance company in Florida is Cypress, which offers policies at an average of $96 per month or $1,152 per year. Cypress is also rated "A" for financial strength by Demotech.
Your Florida condo insurance includes liability coverage. This is designed to cover you and anyone else in your household if you or they accidentally cause bodily injuries or personal property damage to someone else. Examples of covered incidents include if someone gets injured in your home that can be attributed to negligence, such as if your dog bites a neighbor, or claims against you of libel or slander. Your condo liability insurance can cover your legal fees, court costs, settlements, judgments, and other expenses related to these incidents and many more.
Yes, Florida independent insurance agents are available to help you find the right condo insurance policy. They can shop and compare coverage options from several different local carriers for you. They'll present you with only the results that offer the best blend of coverage and cost for Florida condo insurance.
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