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Florida Condo Insurance

We know that designing an effective Florida condo insurance package that matches your individual needs takes time and effort—not to mention someone who actually understands the insurance industry.

IOA Tampa Bay is one of Florida’s leading insurance specialists. We pride ourselves in the ability to help condo owners access the coverage they need and deserve.

Florida condo insurance is a specific coverage policy designed to fit the unique needs of condominium owners. Many confuse condominium insurance with a renter’s policy, because both offer personal property and liability protection. However, condo owners need to consider the additional coverage that may be needed for the building based on their condominium association’s overall master policy.

Typically, your condo association insures the building based on one of two approaches: bare walls or single entity. A “bare walls” approach means the association will insure only the building including walls, the roof, floors, elevators, etc. The association is not responsible for insuring anything inside your unit such as appliances, cabinets, carpeting, wallpaper, plumbing, electrical wiring, etc. In comparison a “single entity” coverage plan means that your condo association insures the building as well as particular fixtures inside of your unique unit including carpeting, cabinets and appliances. However, it’s important to remember that in both scenarios you are still responsible for insuring your own personal belongings and possessions.

How do you determine how much coverage you need from your condo insurance?

Florida clients, with IOA Tampa Bay on their side, will be fully educated on the benefits of a condo policy and will receive a detailed explanation of what it insures. Keep in mind that you’ve worked hard to create a safe, inviting home—and you’ve also worked hard for what’s inside. Whether it’s your new high-definition T.V. or a family heirloom passed down among generations, your possessions are valuable.

When considering the level of security you want from your Florida condo insurance, ask yourself:

  • What is the association responsible for insuring?
  • What am I responsible for insuring?
  • How much coverage do I need for my possessions?
  • Do I have replacement cost or actual cash value coverage for my possessions?
  • Are there policy limits for my valuables? Should I purchase more coverage for those items?
  • Do I need earthquake or flood coverage for my unit or possessions?

Thankfully, IOA Tampa Bay is here to help. With all these questions and varying degrees of liability and responsibility, it’s easy to feel a bit overwhelmed. Our staff takes the time to help you determine exactly the amount of coverage you need and will help to secure it at the most competitive rates available.

Give us a call, we’d love to help. Contact IOA Tampa Bay today for more information on your Florida condo insurance options.

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