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 The Most Common Types Of Condo Claims In Florida

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mrthought



Number of posts : 111
Registration date : 2011-03-03

PostSubject: The Most Common Types Of Condo Claims In Florida   Wed Aug 10, 2011 2:05 am

If you own a condo in Florida, facing a loss without Florida condo insurance is a scenario no property owner wants to deal with. A majority of condo complexes are covered by their condo homeowner's association. While the common area and the structure of the building are covered, there are a number of common risks that are not. If you are under the assumption that your home association is covering your best interests, think again. Review some of the most common claims filed under condo insurance and make sure you are protected.

Your Personal Property is Destroyed From a Fire or Catastrophic Event

One of the most common claims filed under condo unit owner insurance in the state of Florida relates to personal property. If a fire breaks out in your condo, your home association insurance will not pay to replace your belongings. Condo insurance provides personal property coverage up to the limits you choose on your policy. If you take an inventory of all of your belongings, you will notice how quickly the value of your items will increase. Condo insurance will pay to replace your belongings at the time of the loss after you have paid your deductible.

Repairing the Inside of Your Unit When a Fire Breaks Out

Another common claim pertains to rebuilding the interior of a condo if the condo is totaled because of a covered loss. If a fire were to break out in your condo complex, your homeowner's associate would pay to repair common areas as well as the structure of the building. The master policy would not pay to rebuild the inside of your unit. Florida condo insurance for unit owners will provide coverage to repair or rebuild the inside of your condo if it is damaged. This coverage pays for flooring, drywall, paint, counter tops, fixtures, and anything else that is permanently fixed to the inside of your unit.

Your Washer Breaks and Floods Another Unit

Another common claim falls under liability coverage. If your washing machine hoses break and the water flow damages another property, you are legally liable for the damages. Without condo insurance, you will have to come out-of-pocket to pay to have the flood cleaned and flooring replaced. Liability insurance will pay for damages to someone else's property. If you do not have liability insurance, dealing with your neighbors can turn into a nightmare overnight.

Choosing not to carry Florida condo insurance is very risky. If you are under the assumption that your master insurance policy protects you, think again. Review your homeowner's association policy and see where the gaps exist. Once you understand that the home association policy is designed to protect the association, you will be able to make a wise investment.



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