Condo insurance is not mandated by the state of Florida. If you have a mortgage, it will be required by your lender. Some condo associations also require that owners show proof that they have their own condo policy. The condo association has its own policy to cover the exterior and common areas of the condo units. In Gainesville, FL, Peninsula Underwriters Insurance Agency is your local independent insurance agency.
Like home insurance, condo insurance has exclusions, things that it won’t cover. While some are the same, others are exclusive to condos.
Roof and exterior of the building
The exterior of the building, the roof, the parking lot, the exterior of the building are all covered for damage and liability by the condo association master policy. It won’t be included in your condo insurance.
Floods affect every state in the union and Florida is no exception. Floods are not covered by condo insurance. You must purchase flood insurance. Floods are particularly bad in Florida since the heat and humidity can lead to mold in a very short time.
Earth movement covers several different hazards. It includes earthquakes, mudslides, and sinkholes. In Florida, the most likely one to affect you is a sinkhole. You can get an endorsement that adds coverage to your condo policy or you can purchase a separate policy.
Condos are less likely to suffer from some of the more obvious owner neglect issues, such as a roof that needs replacing or gutters that are clogged with leaves. These are issues that are the responsibility of the condo association policy, not the owner policy. But there are still things that can lead to damage that owners can cause and these won’t be covered.
If you live in Gainesville, FL you can count on Peninsula Underwriters Insurance Agency to help you to find the right condo insurance for you.