3 Reasons Why You Need Condo Insurance

Many people make the mistake of assuming that the condominium association they belong to will cover their needs. Although people have become smarter and are getting more informed every day this can still be a costly oversight. Florida condo insurance provided by an association will most often only cover the exterior, or actual structures. This is why obtaining a personal Florida condo insurance policy is so important. The following three reasons why this coverage shouldn't be optional.

1. Personal Property.

Alluded to earlier, the insurance generally held by condominium associations doesn't cover personal property. This means that clothes, furniture and any personal possessions within the unit would be lost. It is worth noting here, that in most cases this need to be listed as the primary residence, otherwise additional coverage would be required. In any event, if the items that make your condo a home and not just a place matter, this is a necessary step in order to protect those valuables.

2. Liability.

The sad truth is, the world is a sue happy place. This only adds to the need to make sure that your coverage will include injuries to guests, roommates or whatever the case may be. Once again it is just a matter of making sure that coverage for what is needed is taken care of as these responsibilities fall onto the shoulders of condo owners. Most often condo insurance policies (known as HO6 policies) work hand in hand with homeowner policies (known as HOA policies.).

3. The Unknown.

The purchase of Florida condo insurance is most likely going to be prompted by the simple fact that the possibilities of incurring weather at some point on a damaging level will happen. Wind damage, flooding or the catastrophic are all possibilities if located in or near a coastal region. Hopefully the need to protect personal belongings not covered otherwise has been stressed enough. The same applies to other unforeseen events, such as theft. Jewelry, high-end electronic items and etc. can be targets as we all know. These too will be left for the owner to replace if not properly insured.

These three reasons, and there are others, should at least be enough to give consideration to making sure that if you haven't insured those things that you consider important, then to do so. If insurance has been purchased, it is always prudent to do an evaluation to make sure that the policies and coverages in place are appropriate. Protecting your personal and precious items, the protection of and from others in addition to peace of mind are what condo insurance offers. The questions is always the same when it is all said and done - can you afford not to?