How Do I Know if I Have Enough Condo Insurance?

You know you need condo insurance, but you may be unsure if you have enough coverage. It becomes more complicated because the HOA provides some coverage. At Zenith Insurance Group in Pinellas County, we offer condo insurance. 

What is Covered by the HOA

Coverage will vary based on your HOA, but your HOA will provide some general types of coverage. Bare wall coverage means that the HOA covers the exterior walls, any property they own, and common areas. You will be responsible for ensuring the interior of your condo.

All-in coverage means that the HOA covers the interior of your condo, including the structures and walls. However, it doesn’t cover your personal belongings. 

Dwelling Coverage

If your HOA doesn’t have all-in coverage, you’ll need dwelling coverage. This covers the walls and fixtures inside your condo. If you have a mortgage on your condo, your lender will likely require dwelling coverage. You’ll need coverage that meets their requirements. Generally, it’s best to have dwelling coverage that will cover the costs of rebuilding your condo if it’s destroyed. 

Personal Property Protection 

Personal property protection covers everything you own inside your home, including valuables like jewelry, art, electronics, and furniture. 

You should add up the cost of all your belongings and get personal property protection that covers this amount. You should get personal property protection regardless of the type of coverage your HOA has. 

Liability Coverage

Lastly, you should have liability coverage. Liability protection covers expenses if someone is injured on your property. This typically starts at $100,000. However, it’s wise to have coverage that is at least as much as your assets. 

Condo Insurance with Zenith Insurance Group

If you need condo insurance in Pinellas County, contact Zenith Insurance Group. Our experienced agents can discuss your options and help you select the best policy for your needs. 

Three things that might surprise you about condo insurance

Condo owners in Pinellas County should be well-informed about condo insurance. If you own a condo, you can rely on Zenith Insurance Group to insure it and protect yourself financially. 

The following are three things that might surprise you about condo insurance:

You might be required to purchase condo insurance.

A lot of condo associations require residents to purchase condo insurance. Condo owners who borrow money to purchase their units are also required to purchase condo insurance by their lender. 

Condo insurance can cover additional living expenses.

Some condo owners don’t realize that their condo insurance policy comes along with additional living expenses coverage. This type of coverage pays for a hotel room or another type of temporary lodging when the policyholder’s unit becomes damaged to the point of being unsafe to live in. 

Your condo insurance needs depend on the master policy of your condo association. 

Condo insurance complements the master policy of the condo association. That’s why it’s important to know what type of master policy your condo unit has when you buy your own individual condo insurance policy.

Master policies at condo facilities can be bare walls, single entity, or modified single entity/all-in policies. If your master policy is a bare walls coverage policy, you need to purchase coverage for all your interior finishes.

On the other hand, you only need to purchase personal property condo insurance if your master policy is a modified single entity/all-in coverage policy that covers everything else for you. 

We Are Here To Help

Protect your condo with a condo insurance policy from Zenith Insurance Group. Get in touch with us online for a quote on a policy for your condo in Pinellas County. 

Why condo insurance is a must-have in Florida

If you are a condo owner in Pinellas County or are considering making a purchase soon, Zenith Insurance Group can help you with all of your condo insurance needs. Purchasing insurance for your home can feel like a lot because of the different options that are available. We don’t want you to feel like you are drowning in information, and are here to help you make the decision that is right for your needs.

Why condo insurance is so important

Because there are a number of different residences within the condominium, it’s important to know exactly what coverage you need when it comes to protecting your home. Our team will review your needs with you in order for you to determine what type of policy and what coverage level is appropriate for your condo unit.

There are a lot of different ways that a condo board can operate, and different insurance requirements depending on the building and its board and by-laws. Typically, common areas and the structure itself will be covered by the condo policy and your private insurance will cover your unit.

What many residents may not realize, is that there are oftentimes clauses that make owners responsible for any damage to their unit, regardless of who is responsible for the damage. Having comprehensive coverage can help to protect your condo unit if there is damage caused by a covered event. 

We are here to help! 

Zenith Insurance Group is proud to serve the needs of our friends and neighbors in the greater Pinellas County area. If it’s time to review your condo insurance, or you’re making a new purchase, call or stop by today.