Many Florida residents choose to live in condos so they can enjoy the benefits of homeownership without all the maintenance. Due to their proximity to the ocean, many of these properties come with a high risk of storm and flood damage, which makes condo insurance a valuable investment. If you’re buying your first condo, use the guide below to learn more about insurance.

What You Should Know About Condo Insurance

The Condo Association’s Policy

Many people assume that the condo building’s insurance also covers their own personal possessions and internal fixtures. However, this usually isn’t the case. The condo association or building owners are only responsible for the structure of the building, while anything inside your unit is your own responsibility.

Condo insurance policies are designed to fill that gap by protecting your personal possessions and covering damage that occurs inside your home.

Loss Assessment Coverage

If a major storm causes serious damage that exceeds the limits of your association’s coverage, you and the other residents might be required to cover the remaining costs. After a tropical storm or hurricane, this may amount to several thousand dollars per household.

A condo insurance policy that includes loss assessment coverage insulates you from this risk by covering your share of these damages.

Flood & Water Damage

Almost every home in Florida is vulnerable to flooding and water damage from heavy rains and storm surges. Even if your condo isn’t located in a flood zone or your unit isn’t on the ground level, flood insurance is crucial for ensuring you can recover after a major storm.

To protect your condo and belongings, contact the trusted advisors at Family First Insurance Services in Wesley Chapel, FL. This agency provides tailored coverage options to families throughout the Tampa Bay area. Whether you’re looking for condo insurance or an auto policy, their agents take the time to ensure your investments are shielded from the unexpected. Visit their website to learn more, or call (813) 994-3900 to request a free quote.