Many condo owners think that the insurance by the condo association covers their belongings. In fact, the condo association's insurance only protects the exterior walls, doors, and windows of your condo. To protect your personal belongings, you must secure your own condo insurance.
Your condo association in Florida may have one of two types of insurance as a master policy. One is called "all in" or "single unit" and this type of policy covers the appliances, wiring, flooring, carpet, and plumbing in your condo, but it does not cover your personal belongings. The second type is "bare walls in" and it doesn't cover anything within the walls of your condo although it can cover the plumbing and electrical systems in some instances.
Before securing your personal condo insurance from Bright Beacon Insurance Inc, you need to make certain you understand what the master policy covers so you will know what you need to cover in your personal insurance.
Personal condo insurance in Florida is a HO-6 policy. It covers you in the event of loss or damage to any of your personal possessions and provides you with personal liability and medical payments. It will also cover you in the event of a disaster, such as when a hurricane, tornado or fire occurs and leaves your condo uninhabitable. In this case, your HO-6 policy will pay the costs of shelter and food until the repairs are made to your condo enabling you to move back into it.
The liability portion of a HO-6 policy protects you in the case that someone is injured while in your condo. It will pay for medical bills associated with the injury, so you don't have to pay for them out of your own pocket. This is also true if you cause damage to someone else's property.
It can be quite confusing when you are securing a personal condo insurance policy and it's difficult to determine exactly what type of coverage you need. We understand this at Bright Beacon Insurance Inc and we are here to help you. You can stop by our office and bring a copy of your master insurance and we can help you to make sure all your assets are fully covered in your HO-6 policy.