Condo Insurance: What You Need to Know Before You Buy

When purchasing a condo unit, it can be difficult to determine how much coverage you actually need. What does the association cover? What falls on you as the unit owner?

Many buyers assume they need less insurance because the association carries a master policy. In reality, you may need more coverage than you think to fully protect your investment.

Protect Your Condo

What Is Required in Florida for Condo Insurance?

Florida law requires condo unit owners to carry at least $2,000 in Loss Assessment coverage.

However, when an association issues an assessment after a major loss, the amount can be far higher. At SJR Insurance, we work with carriers that offer Loss Assessment limits up to $10,000.

What Does the Association Cover?

The association is responsible for restoring the unit according to the original plans and specifications. This typically includes:

• Drywall / sheetrock

• Unfinished walls

• Unfinished floors

• Interior doors

• Bathtubs

• Sinks

• Toilets

These items are covered only if they were originally installed by the builder or replaced with like‑kind materials.

What Does the Unit Owner Need to Cover?

Everything beyond the bare structure is generally your responsibility. This includes:

• Floor coverings

• Wall coverings

• Ceiling coverings

• Electrical fixtures

• Appliances

• Water filtration systems

• Built‑in cabinets and countertops

A condo insurance policy (HO‑6) helps cover these items so you’re not left paying out of pocket.

Unforeseen Condo Exposures

Condo living comes with unique risks. For example:

• What if the association doesn’t have enough insurance to cover a major loss?

• What if the association issues a special assessment to all unit owners?

Without the right coverage, these situations can become expensive quickly.

Additional Coverages to Protect Your Condo

Dwelling Coverage

Helps pay for damage caused by fire, storms, falling objects, theft, and other covered events.

Contents Coverage

Protects your personal belongings — clothing, electronics, furniture, and even food.

Liability Coverage

Covers injuries or property damage you may be legally responsible for.

Loss of Use

Helps pay for temporary living expenses (hotel, food, etc.) if your unit becomes uninhabitable.

Medical Payments

Covers minor injuries to guests, regardless of fault.

Loss Assessment

Reimburses you if the association assesses unit owners to cover damage not fully insured by the master policy.

We Shop These Condo Insurance Carriers

So you get the best coverage!