When it comes to finding a quality condo insurance policy in Clermont, the professionals at Southern Insurance Group will shop our 25 carriers for your best pricing. By doing so, you'll know we are giving you the best rates and carriers the marketplace affords.
How is Condo Insurance Different from Homeowner insurance?
A Clermont condo insurance policy covers the same perils as a standard homeowner policy like fire, theft, vandalism, windstorm, water damage to name a few. In addition you will have other structures, contents, loss of use, liabilities and medical payments. So what is the main difference between them if all the above is the same?
One of the main differences in the two is that a condo insurance policy has a condo association that will typically cover the outside structure of the condo as well as the roof. A condo owner will then be responsible for covering the walls inside the condo as well as anything else that is attached to the inside such as flooring, drywall permanent fixtures etc...When comparing this against a regular homeowner insurance policy, there is no condo association and the homeowner policy covers the entire structure, roof as well as everything from the walls inside.
Because you are only responsible for the walls inside you will not be required to carry as much dwelling coverage as a standard homeowner policy. A rule of thumb with how much dwelling coverage to carry is to take your heated square footage and cut it in half or the dwelling coverage. For instance if the heated square footage is 1400 then you would need 70,000 for dwelling coverage. Because of this lower structure coverage, your premiums will be lower as well.
Another big concern when we review your Clermont condo insurance policy, is to make sure you have adequate coverage for loss assessment. This coverage protects you in the event that your association assesses you for damage to the condo community. I have a condo association insured in Clermont and they are assessing their unit owners $125 each unit to pay for replacing a front gate that was struck by lightning. How this works is by taking the total amount of the damage and dividing it by the number of unit owners. you condo policy will cover you for this assessment as the average coverage that we provide to our policy holders ranges from 2000-5000.
When you pay for your dues for your condo part of the cost will go towards the common grounds of the association (You won't have to mow the lawn, landscape or shovel snow!).
In addition to the common grounds (walkways, lobby, hallways, etc.) the cost of caring for the outside of the condo structure itself is part of the assessment you pay. A portion of that expense is insurance. But please note, your association provides insurance for the exterior part of the structure only! All of the interior including drywall, flooring and cabinets will most likely be your responsibility in case of damage.
Furniture, electronics and all your other personal possessions will also be your responsibility to protect.
In addition, you may be held liable if anyone gets injured while in your home or if something you do results in damage to the common areas.
Here are Five Questions to Ask About Condo Insurance
Armed with this knowledge, discuss these questions with your Southern Insurance Group Insurance agent:
- What does my association insurance cover and not cover?
- What remains for me to insure?
- How much would it cost to repair the inside of my condo?
- How much would it cost to replace my belonging?
- What protection do I need against liability claims?
Thorough discussion and answers to these questions with the experts at Southern Insurance Group Insurance will provide you with the sublime peace of mind that is the heart of all good insurance coverage.
You and your Southern Insurance Group Insurance agent will consider these five main coverages:
1.) Condo Liability Coverage
It’s a cliche to say accidents happen, but it's genius to have prepared for them ahead of time with the proper amount of liability protection.
This coverage will protect you if you or any other named insured are found legally responsible for any injury or property damage on or away from your property. It includes:
- Compensation for the injured party
- The cost of your defense
- Most court awards
The coverage is good up to the policy limits. So, make sure, especially if you possess significant assets, you're completely protected.
2.) Property Protection
You will be responsible for the interior of your unit. This will include cabinets, appliances, and light fixtures—everything inside your home.
In some cases, your total property limit may be enough to adequately insure what you own. However, if you have possessions in other property categories, your coverage may be limited. For example check the coverage limits on:
- Business samples or other property used for business
- Trading cards
Many condo minimum property insurance limits are $25,000. Carefully discuss your property situation with your Southern Insurance Group Insurance pro. Make sure you have the protection you need.
3.) Guest Medical Protection
It doesn't matter whether or not you're held responsible for an accident that occurs in your home. This coverage will provide payments for reasonable medical expenses for the injured party up to the policy limit no matter who caused the accident.
4.) Additional Living Expenses
If a covered loss (fire, lightning, smoke, etc.) causes you to have to vacate your condo because it's uninhabitable, this will cover expenses associated with living elsewhere. For example, it will pay your hotel bill, food and other reasonable charges.
5.) Loss Assessment Coverage
You are paying a monthly assessment to live in your condominium community. If your association decides to assess a special levy because of certain losses to your condo complex, this coverage will pay your portion up to the coverage limit (usually $1000).
Condo Insurance and Southern Insurance Group Insurance
In his book, Outliers, Malcolm Gluteal suggests that it takes 10,000 hours of practice to become an expert. Southern Insurance Group has been providing condo insurance for the citizens of Florida for years. We have spent the time needed to fully understand Condo Insurance so that you can rest assured, your needs will be taken care of!
Not only are we seasoned pros but we will listen to make sure we fully understand your needs—even during those times when you're uncertain. This bit of light is what distinguishes Southern Insurance Group Insurance. Are you ready to protect yourself with the pros?
Contact us today 352-243-9000 to discuss your condo insurance needs.