Florida Condo Insurance
Florida condo insurance is a must have when you decide to purchase a home in this beautiful state. Whether you are buying a unit to be closer to the beach, the night life or you just want a nice place to retire, protection is important. Recent changes in weather seem to make Florida a popular destination for tropical storms and hurricanes. While these natural disasters are unwelcome, if you have great condo insurance you can weather the storm.
Cheap Condo Insurance
Finding cheap Florida condo insurance is easy. The first thing you need to do is decide how much coverage you need. Remember, the more you insure the higher your premium. You can also get cheap coverage by raising your deductible. Although this will mean more out of pocket expense, it can save you big money on a monthly or yearly basis. Get quotes before you make this big purchase.
Next, look online to find at least three condo insurance quotes. In FL you need to shop around to make sure you are getting the best deal. Different companies offer different incentives so make sure you check out all the features. Another way to find a great quote is to ask neighbors, friends and family members who they purchased their policy from. If they are happy with their coverage and customer service hopefully you will be too. In Florida you need to make sure that you have flood and hurricane coverage. Make sure you are covered if these disasters strike.
When you are looking for quotes, make sure you emphasize the fact that you have smoke alarms, fire extinguishers, and burglar alarms in your home. These features should get you a better deal. Florida agents sometimes offer discounts to seniors, non-smokers, and people who have more than one policy. If you are looking for auto or life policies, consider using the same company.
Condominium Insurance Coverage
When deciding how much Florida condo insurance you need, consider the value of the contents of your home. Condo policies differ from house insurance because you will not need to insure the structure of the building you live in. The condominium association should have a master policy to cover the building and common areas shared by all tenants.
As you are deciding the value of your belongings, you will also need to decide if you want actual cash value or replacement value coverage. Although actual value policies are cheaper, they take into account depreciation. If the appliances in your condo are 15 years old, it is going to cost significantly more to replace these items in case of a flood or fire.
Replacement value coverage will pay a benefit equal to the amount it will cost to replace the items. Depending on where you live in Florida, the expense to replace your household belongings will vary. If you rent your unit, Florida condo insurance will be similar to renters insurance. You can insure the furniture and basic equipment against fire, theft, vandalism or natural disasters.
Who Needs Condo Insurance
If you live in a condominium, you need Florida condo insurance. Not only will you need to insure your own belongings, you may need loss assessment coverage also. If the condominium incurs a large loss in property, most by-laws state that a proportion of that loss will be assessed to tenants of the building. Since there are many other hazards that can occur, make sure you have coverage.
Young families, people getting ready to retire or already retired, and landlords need Florida condo insurance. Build into your budget enough coverage to make sure you can replace those essential items needed to take care of your family.
If you are getting ready to retire or you are enjoying your golden years, you also need great Florida condo insurance. In FL people live in these types of homes to enjoy the peace and tranquility of life and not worry about home maintenance or upkeep. Make sure all of those valuable antiques and collections you have in your condominium are protected with excellent coverage.
Finally, landlords who rent their Florida condo also need content coverage. If you rent your unit furnished, in case of a fire, flood or natural disaster you will be responsible to replace the items lost. If you use this as a source of income, you will want to make sure you can get your unit up and running so the rental income loss is minimal.
Florida condo insurance is a smart buy for anyone living in this wonderful relaxing state. Educate yourself about the different types of policies and how much coverage you actually need. Anyone who owns a condominium needs home protection in Florida. If you want to enjoy the beaches and golf courses without worrying about your belongings, take the steps needed to find Florida condo insurance today.
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