You may live in a condo community because of the many conveniences and amenities it provides. Some of these benefits include a pool, low-maintenance living and a community gym or common area.
While Florida legislation requires that condominium associations carry insurance policies that meet certain minimums, it is still important to know what your condo association insurance will cover if you live in one of these communities.
Understanding common coverages
Most condo associations have insurance policies that provide coverage for shared amenities and public areas, such as elevators, parking lots, tennis courts or lobbies. Some condo associations also have policies that cover the actual structure of common buildings and occupant units. If your association has one of these policies, the policy will likely cover your unit’s studs, drywall and insulation.
Even if your condo association has a comprehensive insurance policy, it will likely not cover everything in your condo. For this reason, you should acquire an individual condo insurance policy that will protect your individual belongings, appliances and other features. Many of these individual policies also come with liability coverage that can protect you in case someone ever gets injured on your property.
Although your condo association may have insurance, they may deny your claim that they are responsible for damage to your unit or injuries incurred while using a common area. If this happens to you, take steps to protect your interests and right to fair and proper compensation.