Also known as an HO-6 insurance policy, Condo insurance is akin to homeowner’s insurance, in that its coverage includes your personal property, liability alongside structural elements of your home. However, condo insurance offers limited protection for damage to the building that occurs outside your condo, which has earned it a “walls-in coverage” description over time. Whether you’re buying a condo or renting a property, purchasing condo insurance would definitely suffice.
In Florida and contemplating where to purchase condo insurance? Worry not, for Preferred Partners Insurance is here for you! Our line of business ensures you get what you’ve always wanted as per your set insurance preferences. With our online rating tool for home and auto insurance, be assured of getting a quote that best suits your needs!
Condo Coverage Options.
- Personal Property.
While personal property comprises a range of items including but not limited to furniture, clothing, tech equipment, and the personal property coverage provides coverage in the case of your belongings being destroyed or stolen either while in the interior of your condo or outside the condo’s perimeters.
- Personal liability.
In the event that one arraigns you in court or prosecutes you for property damage or injury while on your condo, your personal liability coverage would assist in the coverage of your defense costs as well as pay for damages.
- Assessment of Losses.
As a condo owner, any damage to or within the common areas of your condo partly your responsibility. If your losses exceed your condo’s association policy limit, the loss assessment coverage usually comes in handy, covering any costs that exceed the association’s policy limits.
- Dwelling Coverage.
When items that are permanently appended within your condo but aren’t covered within your association’s policy get damaged, the dwelling coverage policy helps cover such losses. This can include flooring, walls, countertops. Moreover, the dwelling coverage can also cover any improvements and alterations that you make to your condo.
- Loss of Use.
In the event that your condo is badly damaged to the extent that it’s inhabitable for a certain period of time, the loss of use coverage helps pay for temporary accommodation such as lodging, alongside food and other expenses incurred in the process. However, before buying a policy, it’s beneficial to confirm this detail as the limit for this coverage may just be a percentage of your personal property limit.
With the effortless home maintenance and societal atmosphere that comes along with condominium living, it makes it a renowned choice for residents all through Florida. As a condo owner, it is paramount to understand the coverages by the insurance policy that are sustained by your condo association, that’s why at Preferred Partners Insurance we’re always ready to help you! For condo insurance, alongside any related line of business inquiries, get in touch with us by giving us a call or visiting our offices today!