Condominium coverage can be tricky and require an insurance expert to properly construct your policy to protect you from the exposures that you may face depending on how you plan to use the unit. The Florida licensed experts at Harris Insurance have the knowledge and experience to properly protect condominiums and their unit owners.
While similar to a homeowner policy in regards to perils you’re insured against, conditions, and exclusions, a Condominium Unit Owners Policy (HO-6) has other unique provisions. Specifically, dwelling coverage on an HO-6 policy pertains to the unit owner’s improvements and betterments within the unit. These improvements can be described as everything inside the four enclosed walls including but not limited to: light fixtures, floor coverings, appliances, cabinetry, countertops, non-weight bearing walls, interior doors, and other building improvements inside the unit that stay with the unit if you were to move. This value is hard to determine and escalates quickly, so be sure you’re accurately addressing the amount of replacement coverage you will need.
Additionally, an HO-6 policy can be modified to allow for the rental of the unit and extends liability coverage to the owner while acting as a landlord. The length of time you will allow the unit to be rented, professional management and oversight of the premises are all important considerations. It is also important to know how your policy will work with your Association’s Policies as it may dictate whether your policy will respond, reimburse you, or pay on your behalf.
Other specific considerations include how the property will be deeded (in your name or a corporate entity) and whether or not an Umbrella Policy is appropriate in order to provide you with ample liability protection.
If you’re unsure about what an HO-6 Policy covers compared to what your Association’s Policies cover, check out the Hazard Insurance including wind responsibilities as governed by Florida Statue 718
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