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Florida Condo Insurance

Protect Your Florida Condo With Condo Insurance

The state of Florida is one of the top vacation destinations in the United States. From the white, sandy beaches of the coast, to the active night life and theme park offerings, Florida attracts tourists and transplants from the entire nation.

Florida has a large amount of rental properties, and condos are one of the most popular options. Many condo residents enjoy the house-like feel a condo has, along with the perks of community offerings such as a pool or fitness center.

Many condo renters are under the assumption that the landlord's policy covers their condo and their belongings and, unfortunately, this is patently untrue. Without a condo insurance policy covering your FL condo, you'll be out of luck should damage, theft, or an injury occur.

Florida Living Snapshot

  • Over 36 percent of Florida residents are renters.
  • The median rent amount per month in Florida is $954.
  • On average, 25 percent of gross income goes towards rent in Florida.

Whether you own or rent your condo, insurance is important. Just like a fire extinguisher or security system, when a disaster or emergency strikes, having a condo insurance policy can save your financial life.

What Is a Condo Insurance Policy in FL?

A condo insurance policy in Florida is a set of policies grouped together in order to protect you from some of the most common risks you face. A typical condo insurance policy may resemble the following:

  • Liability coverage for bodily injury and property damage: We live in a litigious society. Even a small slip and fall or minor head injury could end up costing you thousands, not including your legal defense. If an injury occurs in your condo, even if you rent, you may be held liable for damages. This insurance can help cover the costs associated with a liability claim.
  • Personal property coverage: Whether you rent or own, you most likely own personal property. This can include items such as furniture, appliances, artwork, instruments, clothing, jewelry or electronics. Personal property coverage can work to cover these items from disasters such as fire, rain damage, theft, arson, or vandalism. If you have especially valuable items, you may need additional policies, so be sure to ask your insurance agent about any high-worth belongings.
  • Vacant condo coverage: If your condo serves as a vacation home or part-time home, this insurance can cover the property while it is vacant. This insurance is generally very affordable.

What Does My Landlord's Insurance Cover in Florida?

Landlord insurance typically covers the premises from the outside to the bare interior walls. Typically, the insurance coverage is termed as "to the studs." This means that anything you add to the condo, such as paint, fixtures, artwork, flooring, furniture, or appliances are not covered by the landlord. If damages happen to these items, you are liable for their replacement.

There are instances, however, when the landlord may be held liable for damages. For example, if you notified your landlord of a water leak and the landlord did not repair it, and two days later the pipe burst, causing major damage to your belongings, the landlord may be held liable for the damages. However, this will have to be proven in court, and may take months or even years to unfold.

The Difference Between Renting and Owning a Condo in Florida

If you own your condo, you are typically required to carry an insurance policy on the property until the loan is satisfied. This policy will closely resemble homeowners insurance. It will offer many of the same benefits as a homeowners policy as well.

If you rent your condo, your condo insurance policy will cover the above-mentioned items until you decide to move out. Even renters own personal property. In fact, the average renter owns more than $20,000 in personal belongings and assets, so a condo insurance policy is an important part of being a responsible renter.

How Much Will a Condo Insurance Policy Quote Be in Florida?

There are many factors that contribute to the price of a condo insurance policy. When you're searching online for condo insurance policy quotes in Florida, make sure to be aware of the following:

  • Location of condo
  • Price of condo
  • Value of condo
  • Number of tenants/ages
  • Driving record of tenants
  • Credit score of tenants
  • If there is a pool/fitness center
  • If pets live in condo
  • If condo tenants smoke
  • Value of personal belongings
  • Desired coverage limits
  • Desired deductibles

All of these factors, plus more, will be taken into consideration before giving you a condo insurance quote to make sure that your condo insurance policy adequately protects you.

Are There Discounts Available on Condo Insurance in Florida?

Just like many other insurance policies, there are discounts available on condo insurance in Florida. Available discounts may include the following:

  • Multi-policy discount
  • Paid-in-full discount
  • Good credit discount
  • New customer discount
  • Loyal customer discount
  • Professional/industry affiliation discount

Each insurance company offers different discounts, so be sure to ask about any discounts you may not be aware of.

Purchasing Condo Insurance in Florida Is Easy

No matter if you rent or own your condo, insurance is critical. A Trusted Choice® agent is always available to help answer questions, find coverage, and even help you file a claim should an incident arise. Trusted Choice agents are dedicated to making sure that tenants and owners are sufficiently covered no matter what life throws their way.

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