In Florida, owning a condo means you are responsible for the “paint in”. That means your coverage should account for the wall covering, floors, countertops, cabinets, fixtures, etc. From the drywall to the interior of the structure is the responsibility of your condo association. Your condo insurance policy covers your portion of the interior structure along with personal property and liability. It is always wise to consult your HOA guidelines to verify what they deem to be your responsibility versus theirs in the event of a loss.
Additional Coverage Available for Condos includes:
- loss assessment
- additional living expense
- HO-17 32 endorsement / Special extended coverage
When exploring condo coverage options, one of the most important to inquire about is the HB-17 32 endorsement. It is called different things with different companies such as “special” coverage or “extended” coverage. All condominium policies include only 16 Named Perils. If your loss isn’t caused by one of those specific perils, there is no coverage. Adding this endorsement changes the policy to an “all perils” or “all risk” policy much like a regular homeowners policy would.
Before you get stuck holding a huge bill, contact Melissa Ems Insurance Agency to speak with one of our Advisors to review the best coverage, premium and carrier for you.
Worried you aren’t completely covered? Consider an umbrella insurance policy that extends your coverage.