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Condo associations generally have insurance policies that cover the property of the common areas, outdoor areas and the exterior walls of the condominium buildings. In addition, their general liability policies generally cover injuries obtained by non-residents in these common and outdoor areas. But the interior walls and inside of each condo unit is the responsibility of the unit owner. A property insurance policy for your condo will cover the interior walls, appliances, floors and, if designed properly, the personal contents within the walls of your home when damage occurs due to a covered hazard such as fire, theft, vandalism or hurricane. If the condominium is located in a flood zone, then flood insurance should also be secured since the condo association’s policy won’t cover your personal losses due to flood, and standard condo insurance policies don’t generally cover that damage.
Condo owners should also consider general liability insurance for their units. While the association policy should cover injuries that occur in common areas or outside the condo unit, anything that happens inside is the responsibility of the unit owner. While a general liability insurance policy may be enough for some, others might consider the higher limits of an umbrella policy for extra protection that also extends to their automobile.
When discussing condo insurance, it’s also important to note the major differences between condo and townhouse insurance. With townhouse ownership, the unit owners are expected to secure insurance that also covers the exterior walls, patios and balconies, and certain outside areas. Therefore, townhouse and condo insurance are not interchangeable, so be sure to find out which type of home you own so you know for certain which type of policy you need. When in doubt, ask the association to see the master policy so that you can find out exactly what’s covered by it—and what isn’t.
There are literally thousands of condo associations and HOA’s in Florida but no two are alike. Each has specific needs and it takes an experienced insurance team to assist these associations in navigating the new condo laws, the correspondence from banks and mortgage companies, and the daily requests from the owners themselves.
Herbie Wiles Insurance has 30 years of experience working with hundreds of condo associations and HOA’s. We insure the largest riverfront condominium in Jacksonville and one of the largest condo developments in Orlando and many more in between. We deliver prompt, reliable service because the ability to respond quickly to an Association’s concern can prevent the escalation of many minor issues.
Herbie Wiles Insurance is one of the leading insurance agencies in Florida specializing in condo associations and HOA’s. We are a frequent contributor to the Florida Community Association Journal and work closely with local community association chapters. We would appreciate an opportunity to work with your association too.
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