Remodeling vs. Renovating Your Condo

Updating your Gainesville, FL condo can offer a fun way to express your personality. It also may require an insurance review. Which requires an insurance review – remodeling or renovating?

Renovating Requires an Insurance Review

The insurance agents at Peninsula Underwriters Insurance Agency want you to understand why renovating your home requires an insurance update but remodeling does not. When you remodel, you use what you already own in a new way. When you renovate, you alter the structure of your condo with new walls, built-in bookcases or a desk, etc.

That means a renovation physically alters your home and adds value to it. Renovating requires a condo policy review, so your policy still covers the full value of your home. Because remodeling uses what you already have, it does not require an update.

What happens if you don’t update your policy?

Without a policy review and update, your condo policy covers exactly what it did before. If you insured your condo for $100,000, that stands. Here’s the thing. Your renovations added to the market value of your home. If you transformed a walk-in closet into a bathroom, you raised the value of the condo by about $20,000.

Without the review and update, your insurance only covers the original condo as you bought it. You would lose all the money you had invested in renovations without updating the policy and home value.

What to Do

Contact Peninsula Underwriters Insurance Agency and talk to one of our agents about your planned or ongoing renovations to your Gainesville, FL condo. Take some photos of the finished work and email them to our office to show the finished state of the condo. We will update your policy and provide you with updated insurance paperwork and any premium changes applicable.

How much condo insurance do you need?

When it comes to purchasing condo insurance, the amount of coverage you need depends on several factors. In general, the most important factor is how much coverage is required by your condominium association’s insurance policy. Suppose the policy has a minimal amount of coverage specified. In that case, you will want to purchase a policy from Peninsula Underwriters Insurance Agency that matches or exceeds that amount, depending on your personal needs.

In addition to the condo association’s policy and requirements, other factors such as location and your personal assets should also be taken into account when determining how much condo insurance coverage you should purchase. Generally speaking, if you live in an area prone to natural disasters like hurricanes or floods, like in Gainesville, FL, then it is wise to invest in more comprehensive coverage than the association requires.

When shopping for condo insurance policies, there are a few key terms and levels of coverage to understand:

Liability Coverage:

This covers third-party property damage and bodily injury caused by an insured event (such as a fire). It can also cover medical expenses associated with an injury sustained while on your property.

Personal Property Coverage:

As its name suggests, this type of coverage provides financial protection in case any of your possessions are damaged or stolen. Depending on the plan you purchase, this can include items like furniture, clothing, electronics, and jewelry.

Additional Living Expenses:

This type of coverage helps pay for additional living expenses that may arise from an insured peril like a fire or flood causing significant damage to your home such as hotel stays and restaurant meals.

Give Us A Call

For more information, call Peninsula Underwriters Insurance Agency today. We proudly serve the Gainesville, FL area.

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.