Condo Insurance in Jacksonville, FL
Condo insurance differs from homeowners’ insurance because as a condo owner, you are not responsible for the exterior of your condo or the land on which it sits. However, you may be responsible for repairing the inside of your unit if a disaster occurs. Plus, you’ll also want coverage for any stolen or damaged personal belongings. Another benefit of condo insurance is that it provides liability coverage if someone is injured while inside your condo.
Your condo association’s (HOA’s) master insurance policy will help determine whether or not you need to cover the interior of your unit. Some master policies cover the original items that were in your condominium – such as the cabinets, fixtures, and plumbing and wiring. Other policies, which are known as “bare walls” HOA policies, only cover the walls, floors and ceilings.
Condo insurance also protects your personal belongings if they are damaged or stolen, when personal property coverage is provided. “Basic” condo policies pay only the actual cash value of your personal belongings; however, you can endorse the policy to pay replacement cost.
If your condo is damaged due to a storm, fire, or other catastrophe, to the point that it is uninhabitable, condo insurance will help cover additional living expenses such as the cost to rent an apartment or hotel to live in while repairs are being made.
Another coverage called “loss assessment” may help if the HOA has a high deductible and an assessment for damage to your condo exceeds the deductible.
Keep in mind that some types of personal property – like jewelry, firearms, or computers – are only covered to pre-set limits. You may want to schedule these items or take out an additional policy if you own higher dollar amounts of these items.
Our agents at The Della Porta Group can help you assess the value of your personal property to determine how much coverage you would need to replace those items should disaster strike.
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7807 Baymeadows Road E, Suite 301,
Jacksonville, FL - 32256