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Condominium Insurance

Condominium Insurance Information

image of florida beachWhen buying a condo unit, it may be hard to figure out how much coverage you need. What do you need to cover? But also, what does the association cover?

Many people often believe that they don’t need as much coverage because the association typically has coverage included. However, the reality is that you could need more coverage.


Protect Your Condo


What is required in Florida for Condo Insurance?

Florida law requires that unit owner’s policies have at least $2,000 in loss assessment coverage.  Unfortunately when an association has to assess for a loss, it can be considerably more than that.  At SJR Insurance, we have carriers who will go up to $10,000.

So, what would a Condo Insurance Policy cover?

The association is going to install or replace items in accordance with the original plans and specifications.  It includes as drywall, sheetrock, unfinished walls, unfinished floors, interior doors, bath tubs, sinks and toilets as long as they were initially installed by the builder or are replacements of the same like kind and quality.  This leaves a laundry list that is the unit owner’s responsibility.

For example, the following that would be your responsibility include:

  • Floor coverings
  • Wall coverings
  • Ceiling coverings
  • Electrical fixtures
  • Appliances
  • Water filters
  • Built in cabinets and counter tops

With a condo insurance policy, these types of additional responsibilities may be covered.

Something else to consider is having coverage for unforeseen exposures of living in a condo unit. For example - What if at the time of loss, the association does not have enough insurance to cover their losses?  It might become necessary for the association to assess the membership.  Are you covered for such an event?

Protect your Condo with these Additional Coverages

When you have unforeseen exposures, there are additional coverages available that may further protect your investment. Some of the important coverages to consider adding include:

  • Dwelling Insurance - this can cover your house from damage wrought by accidents like fires, severe weather, falling objects, break-ins or theft.
  • Content Coverage - this applies to possessions like your clothes, electronics furniture and even food.
  • Liability - Loss of use can help you pay costs like hotel or food bills if you have to temporarily move out after an accident occurs.
  • Medical payment - can helps you pay for the injuries or property damage you cause to other parties
  • Loss Assessment - this reimburses you  in the event that your association has to assess the membership to cover Association property that was not covered by the Master Association insurance policy.


We Shop These Condo Insurance Carriers

So you get the best coverage!

  • Universal Property and Casualty
  • Universal North America
  • Federated National
  • Heritage
  • Southern Oak
  • Avatar
  • Gulfstream
  • Velocity Risk Underwriters
  • American Integrity
  • United Property and Casualty
  • Safepoint Insurance
  • Security First
  • Homeowners Choice
  • Centauri


Contact The Condo Experts!

Just like it is important for associations to go with an agent with condo association experience, it is equally important that you as the unit owner go with an agent with years of condo experience! SJR Insurance Agency has been helping clients in Cocoa, Cocoa Beach, Rockledge and throughout Florida for over 20 years find the right condo insurance coverage. Call us at (321) 264-2434 or request your condo quote today!


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