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What Does Condo Insurance Cover?

 

Condo insurance is a policy that is purchased by the owner of a condo unit. It generally helps pay to repair your unit and your belongings if they are stolen or damaged by certain perils, such as fire or vandalism.

Allstate article 

WHAT DOES CONDO INSURANCE COVER?

Condo insurance typically includes a few standard coverages to help protect you, your condo unit and your belongings. Here's a look at how these coverages work:

Personal Liability Coverage

If someone is accidentally injured while visiting your condo and you are at fault, this coverage may help you pay for related legal expenses or your guest's resulting medical bills.

Guest Medical Coverage

If a guest is injured at your home, guest medical coverage may help pay for related medical expenses even if you are not at fault.

Building Property Protection

This type of coverage typically helps pay for repairs to the walls of your condo unit and its interior, which could include items such as built-in bookcases and fixtures, if damage is caused by a covered peril.

Personal Property Coverage

Belongings such as electronics, appliances, furniture and clothing are typically included under personal property coverage. If they are stolen or damaged in a covered claim, this coverage may help pay to repair or replace them.

Condo owners can typically choose from different types of personal property coverage, which determine how much your policy will reimburse you after a covered loss. They include:

  • Actual cash value, which typically pays you for the depreciated value of your damaged belongings.

  • Replacement cost coverage, which does not take depreciation into account. This coverage helps reimburse you for the difference between the actual cash value of your belongings and what you paid to repair or replace them.

Keep in mind that each coverage comes with a limit, which is the maximum amount you can be reimbursed for a covered claim. You may also need to pay a deductible before your coverage kicks in.

CONDO ASSOCIATION COVERAGE

It's also important to understand what is covered by your condo association's insurance policy, sometimes referred to as the master policy. Your association's policy may help cover areas such as the boiler room and the roof, as well as hallways and other shared spaces, including the common rooms and swimming pool.

In some cases, the master policy may cover the structure of your own condo unit, including the walls and the floors, the III says. Other master policies might provide coverage for your unit's original construction and fixtures, while others might cover only bare walls, ceilings and floors, according to the III. The terms of the master policy can affect your own insurance coverage of the unit. It's a good idea to brush up on what protection your condo association has in place so that you know what types of coverage your personal policy should provide.

Keep in mind there are many condo associations in the U.S., allowing for plenty of variations in insurance policies. The III suggests reading your association's bylaws to learn what parts of your home are covered by the master policy and which parts you will need to insure on your own.

OTHER PROTECTIONS

Many insurance providers offer optional coverage you can purchase for occurrences not covered by a standard condo insurance policy. For instance:

Loss Assessment Coverage

If your condo association issues a special assessment, in some cases this coverage may help cover your share. For example, if a fire damages a common area, this coverage may help pay for your part of the bill.

Flood Insurance

Flood damage is typically not covered by a standard condo policy. Most flood insurance policies are issued through the National Flood Insurance Program. In some cases, you may even be required by your mortgage lender to purchase flood insurance, according to the program.

Umbrella Insurance

For additional liability protection, you may want to consider investing in a separate personal umbrella policy. This kind of policy goes into effect when you reach the limit of your condo's liability coverage and can help you pay for large liability claims or judgments. It may also help provide coverage if you are sued for libel or slander.

Endorsements

Additional personal property coverage, such as scheduled personal property, is typically available for an additional cost. For example, while a standard condo policy typically caps coverage for theft of jewelry at $1,000 or $2,000, scheduled personal property coverage may provide additional coverage for those items. Scheduled personal property also typically provides coverage for additional risks.

This Allstate Article Found: https://www.allstate.com/tr/condo-insurance/what-does-typical-condo-policy-cover.aspx

 

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When it comes to insurance for your condo unit, you should make sure you have the coverage that fits your needs. Your local agent can help you tailor a condo insurance policy that's right for you.

 

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Do You Need Motorcycle Insurance In Florida?

Do You Need Motorcycle Insurance In Florida?

No. Riders in the state of Florida do not have to show proof of insurance to register their motorcycle and they are not required to purchase a motorcycle insurance policy. Riding a motorcycle without insurance is widely ill-advised, because people can potentially sue you for any damage or injuries you cause. Unless you have unlimited funds and don't mind parting with them, it's generally adviseable to have coverage to manage your liability exposure. On top of this, if you frequently take your motorcycle out-of-state for road trips, there may be requirements in those states you'll also have to follow.

The only exception in Florida is for riders who have been charged in a crash involving any injuries or certain motor vehicle violations. Florida state law requires those riders to purchase and keep bodily injury and property damage liability protection for three years.

Florida law does not require motorcycle riders to wear helmets, as long as they are at least 16 years old. However, motorcycle riders must wear eye protection at all times, regardless of whether they choose to wear a helmet.

 

This information from:

https://www.valuepenguin.com/do-you-need-motorcycle-insurance 

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Ways to Save on Your Auto Policy

 

EXPLORE AVAILABLE AUTO DISCOUNTS

 

We are here to help you save money as well as cover you with the best insurance South Florida has to offer. Call us and we will go over your policy with you to apply any discounts available. We are here for you! (239) 593-7333

 

Anti-lock brake discount

Save if your car is equipped with anti-lock brakes

 

Anti-theft device discount

Save if there's an anti-theft device in your car

 

Multiple policy discount

Save on your auto insurance when you have multiple policies with Allstate

 

Early Signing Discount®

Save when you sign your policy 7 or more days before it becomes effective

 

Responsible payer discount

Save if you did not receive a cancellation notice for non-payment in the past year

 

Smart student discount

If you're unmarried and under the age of 25, you can save if you meet one of these requirements:

 

  • Your grades average a B- or above or you have a GPA of 2.7 or above

  • You have successfully completed the teenSMART driver education program

  • You attend school at least 100 miles away from where your car is garaged

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