The Basics of Condo Insurance

Do you own a condominium? To you, condo ownership may represent a feasible way to home ownership. Or maybe it represents a second residence in some exotic location you like to visit. Or maybe it’s an investment to generate rental income. Regardless of why you own, understand that insuring a condo is much different than insuring a traditional home.

Statutes and Paperwork
A thorough review of your master deed (often called declarations or “docs”) is necessary to adequately insure your condo. Unfortunately, these docs can be multiple pages of legalese that make it difficult to decipher insurance requirements. Further, your association’s bylaws may contain important insurance information. And if it wasn’t confusing enough already, some states have statutes which dictate condo insurance requirements.  For these reasons, a best practice is to review your insurance needs with a trusted insurance adviser, like your independent insurance agent.

Click to learn more about the definition of unit and loss assessments among others.

Properly insuring your condo is complicated. Your independent insurance agent can help you secure the insurance you need to eliminate surprises if the worst happens. Give us a call and we can get you a free Fort Lauderdale condo insurance quote - 855-367-PPIG (7744).