How will condo insurance in Florida protect someone?

The Gainesville, FL area has continued to be a great place for people to invest in real estate and buy a home. As you are looking for a home, choosing to purchase a condo is often a good idea. When you are going to purchase a condo, you will enjoy the onsite amenities and reduced maintenance obligations. If you do buy a condo in Florida, it would be a good idea to get condo insurance as it will protect you in various ways.

How Does Condo Insurance Protect You?

Cover Your Asset

Having condo insurance is helpful as it can help to cover and protect any of your assets. With a condo insurance policy, you will have support to replace or repair your personal assets and protect the condo. This will prove to be helpful if you or your condo are a victim of a fire, theft, or other situations that could result in the loss of personal items or condo damage. 

Reduce Liability Risks

You also will want to have a condo insurance plan to reduce your liability risks. There is always a chance that there could be an accident in your condo that leads to an injury or property damage of another unit. If you are liable, you will have to cover the damages. With condo insurance, you will have the coverage needed to protect against this risk.

Contact Us Today

There are a lot of benefits that come with purchasing a condo in the Gainesville, FL area. If you want to invest in a condo in this area, it would be a good idea to call the professionals from the Peninsula Underwriters Insurance Agency. The insurance experts at the Peninsula Underwriters Insurance Agency know how important this coverage is. They can then give the support you need to build your next plan. 

How Condo Insurance Works

When you own a condo, there is always a lot to think about. One of those things is getting condo insurance and keeping it for as long as you own the condo. Condo insurance is extremely important for protecting your finances and your way of living. If you need condo insurance for your home, call us at Peninsula Underwriters Insurance Agency in Gainesville, FL today. 

Insurance Coverage for Your Florida Condo

Your condo insurance isn’t exactly like home insurance. With home insurance, the whole dwelling is covered by the insurance policy. With condo insurance, the specific areas of the condo that you own are what is covered. This may be everything except the outer part of the outer walls, or it may be the inside part of the outer walls and everything inward. Depending on which you own, your condo has to protect those areas in case of a calamity or disaster that causes damage to them.

Covering Your Possessions

Next to coverage for the condo itself, coverage for your possessions is perhaps the best-known aspect of this insurance. It covers everything that is inside the condo against occurrences like accidents and covered disasters. It’s extremely helpful for saving you money after a serious incident destroys your things. This coverage can pay for new items so that you aren’t left to start over again. 

Coverage for Liability

In a condo, you might not think about liability issues, but they do exist. If someone were to come inside your condo and have an accident, you would likely be held liable for the person’s medical bills. With condo insurance, that money would come from the policy instead of from you. 

Get Condo Insurance

If you own a condo, make sure you have the right condo insurance. Call us at Peninsula Underwriters Insurance Agency in Gainesville, FL.

Things condo insurance doesn’t cover

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

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

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.

Owner neglect

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.