Condo and Rental Insurance Overview

Native Floridians (and even the transplanted ones!) appreciate the carefree living a condo or a rental affords. With exterior maintenance and community amenities covered by HOA (homeowner association) fees, your weekends needn’t be spent on chores like yardwork.

A portion of your monthly maintenance is allocated to cover the subdivision’s insurance as well as labor and materials for roof repairs and care of common amenities. Whether a purchase or a rental, each association is different so be sure to read the bylaws, condo docs, and/or rental contract to carefully to distinguish between what you are and are not responsible for insurance-wise.

Florida Condominium Statute 717.111 enumerates items that fall under the unit owner’s responsibility to repair. Considering the potential cost of the items on this list, a policy on your condo is strongly advised. The term associated with condo living is “walls in” responsibility. Although you own the unit, your ownership and accountability extend to everything on your side of the paint.

You’ll want to protect yourself with a condo or rental policy that will cover:

• Electrical fixtures
• Appliances
• Floor, wall, and ceiling coverings
• A/C and heating equipment
• Water heaters
• Water filters
• Cabinets
• Window treatments

Also known as an HO6 insurance policy, this coverage will help protect you in the event of water damage to your unit caused by the floors above. Water claims are the number one type of claim we receive due to the devastation a leak or flood can cause.

Rental Insurance

Commonly known as rental insurance or tenant’s insurance, these policies will insure the contents of the home or apartment you are leasing. (Some landlords may make a renter’s policy a condition of the lease.)

Again, always have a professional review any type of contract you are signing, but generally, your landlord is responsible for the preventative maintenance and repair of everything related to the rental property – both inside and out.

Rental insurance policies can also provide personal liability and loss of use coverage.

Considering that such a policy will cover everything that’s yours, it is an incredibly affordable option to protect your “stuff” from damage or theft.

Insurance to Protect What’s Yours

While there are consistencies condo communities share, make sure you are informed about your obligations. Condo associations and rental rules can be a little quirky at times. Some requiring unit owners to insure items like entrance doors and lanais. You may even be liable for upgrades to the interior that were not part of the original build.

If you are considering a purchase or a rental of a condo unit, don’t hesitate to contact us for the information you need to make an informed decision.

In addition to the nuts and bolts that keep your condo unit running efficiently are your possessions: your furniture, clothes, jewelry, TVs, and technology devices.

Insurance for belongings is not only for expensive items like artwork and antiquities. The things you own are of value to you. That’s all that counts. That’s why we’re here.

Contact us today at 727-584-9999,  for a rental or condo insurance quote from one of our insurance experts!