Searching for Florida condo insurance can be an overwhelming task, but it is much like shopping for other insurance policies. While condominium living is different from that of a traditional single family dwelling, the coverage you need is still the same. You should understand what specifics your homeowner’s association requires of you regarding insurance. Then, know the laws about what you are responsible for and what you want personally insured. Talk to several agents before signing a policy to be sure you are getting the best coverage for the best price.
When shopping for insurance have a list handy. You need to cover for flood, fire, theft, personal injury, injury to guests and so forth. The differences between a condo and single family home are in how much of this is yours to cover. Perhaps your insurance needs to cover for personal injuries within your unit, but your homeowner association’s insurance covers if you or one of your guests slips on the wet sidewalk to your building. The association’s insurance may cover flood damage due to a leaky rooftop, but yours may have to provide insurance to cover someone leaving the bathtub overflow by accident.
If you are worried about finding the correct Florida condo insurance policy, talk first with your homeowner’s association and then with other condo owners in your area. Keep the list of questions with you during your search so you find all the answers you need. Study the bylaws for condo insurance with the same attention you would pay to knowing your level of responsibility for car insurance. The state requires a minimum coverage for your car, the area and your driving style determine what extras you add to your policy. Similarly your homeowner’s association sets the minimum, and your lifestyle determines the extras. Gathering information from several sources will get more of your questions answered.
Once the basics are covered and you have a good understanding of what you need from your list, go talk to agents. The agent who carries other policies you hold (like your automobile or life insurance) is one the best place to begin. Agents often lower prices for people who hold multiple lines of insurance with them. If your own agent is not satisfying your needs, this is a great opportunity to shop for a different one. You can work with your new agent to bundle your policies and lower your costs.
Living in a condo has many advantages to a single dwelling in the amount of upkeep you need to do. By keeping up with your Florida condo insurance responsibilities you will be able to enjoy those advantages even more. You have the peace in knowing that everything is covered.