What is Covered in Condo Insurance?

FORT LAUDERDALE, Florida. Condo insurance is a little different than home insurance. Your HOA may have insurance to cover the building. But the building’s insurance may not cover damage that occurs to your individual condo unit. If you have a mortgage, your bank will require you to have individual insurance in addition to having your condo’s HOA insurance coverage. Even if you don’t have a mortgage, it may be a good idea to purchase condo insurance. Why?

According to Nerd Wallet, after a storm or natural disaster, your HOA association will not pay to cover damage to your individual unit. If your property is damaged or if you must repair items within the unit, you will be responsible for these costs. This is where individual condo insurance comes into play. Personal condo insurance is known as an H-06 policy.

The kind of condo policy you’ll need will depend on how thorough your HOA’s insurance policy is. If your HOA has an “all in” policy, everything will be covered, including original lighting, fixtures, and cabinets. However, if your HOA has a “bare walls” policy, you’ll need to cover everything in your unit besides the ceiling, floor, and walls. Be aware that some HOAs won’t cover plumbing or wiring in your walls. If you face a plumbing or electrical issue, you might have to deal with it on your own. HOA insurance policies generally cover damage to the building’s roof or exterior, damage to the building’s common areas, like an elevator or hallway, and damages for any injuries a person sustains in common areas.

Your individual condo policy will generally protect your property from loss or damage, and will often include liability coverage to protect you if anyone is injured while they are in your home. Your individual condo policy can also protect you from unexpected assessments. These policies are “loss assessment” coverage that protects you if a storm damages your condo’s roof. If the HOA’s insurance doesn’t cover the roof damage or if the condo doesn’t have sufficient reserves, each unit could potentially face a special assessment. If you have additional loss assessment coverage, you might not have to pay the additional special assessment out of pocket.

Most condominium coverage will cover fire and smoke damage, wind or hail damage, theft, explosions, vandalism, lightning damage, and damage that occurs due to a burst pipe. Condo insurance won’t generally protect you if your home suffers earthquake damage, flood damage, damages due to pest infestations, or wear and tear. 

When it comes time to make a claim for damage to your condo, you’ll need to determine whether you need to make a claim against the HOA’s policy or against your own policy. This depends on what is covered by your HOA. According to Bankrate, it is a good idea to review what is noted in your condo’s master policy before making a claim against your condo’s individual policy. There are often gray areas between your HOA policy and your own personal policy. For example, what happens if there’s a damaged pipe that connects between units?

If you are having difficulty with a condo insurance claim, it can be helpful to have the insurance claims lawyers at Leader & Leader, P.A. in Fort Lauderdale, Florida on your side. Our firm can review your insurance policy, your HOA policy, and help you navigate the complex claims process. Visit us at https://leader-law.com/ to learn more about how we can help.

Leader & Leader, P.A.
633 South Andrews Ave. Suite 201
Fort Lauderdale, FL33301
Phone: 954-523-2020


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