Owning a luxury condo in Tallahassee, FL, has many perks, including 24-hour security, high-end amenities, and more. However, how do you protect the contents inside your unit? Do you need coverage that goes beyond the ordinary condo insurance policy? The answer is yes, you do. If you are wondering what to do, the professionals at Fuqua Insurance Agency can recommend the appropriate coverage for your situation.

The Differences in Insuring a Luxury Condo

While you may know the difference between insuring a luxury single-family home and a dodo, the two are the same yet different. The most obvious difference is that you don’t have to worry about the exterior structure of the building where your unit is located. The condo HOA, or homeowner’s association, will take care of insurance for your building, its exterior walls, and roof. However, you are still responsible for the interior contents, so you want to ensure you have the best coverage.

Ask for Coverage that Fits Your Needs

For most condo owners, a standard insurance policy will fit your needs. However, if your unit is worth between $750,000 and $1 million or more, you may qualify for high-end renter’s insurance if your condo meets that value. Like renter’s insurance, luxury condo renters should attempt to find a policy with superior coverage limits beyond what you can get with a standard policy. You’ll want to ensure your coverage reaches sufficient replacement costs for losses.

When you need to consider luxury condo insurance for your residence, contact the experts at Fuqua Insurance Agency, serving Tallahassee, FL, and its environs. Our staff will do what it takes to write a condo policy that fits your needs. Call us to schedule an initial consultation to discuss your needs.

If your insurance policy provides loss-of-use coverage, you will be reimbursed for the cost of food, lodging, and other essentials. Review how loss of use coverage works. Then, consult with a Fuqua Insurance agency representative. We will assist you with filing a condo insurance claim in Tallahassee, FL.

Loss Of Use

Loss of use refers to any time when you cannot safely occupy your residence. The list below outlines some situations that may make your condo uninhabitable.

• Smoke damage
• Flooding
• Fire
• Extensive Renovations

This list includes some of the situations that would make your home uninhabitable. A complete list of situations that are covered should be outlined in your insurance documents.

Coverage

Your condo insurance policy will provide you with an overview of the coverage that you have. Your loss of use coverage will specify how much you will be reimbursed for costs you incur while you are unable to stay in your home.

If you need to stay in a hotel, for instance, the cost of the hotel room and the food that you purchase may be covered. Any money that you spend while you are unable to stay at home should be accounted for.

Keeping careful records of the costs that you incur will ensure that you are repaid an amount that is fair. You can keep track of your expenses by holding onto the receipts of your purchases. The receipts should be turned in with your condo insurance claim.

Reach Out To Us

If you have any questions about your condo insurance policy, contact one of our agents at Fuqua Insurance Agency. We will address any concerns that you have in and around Tallahassee, FL.

Condo insurance is different than the standard homeowner’s insurance, but there are a few things you should look for that are important for condo insurance in Florida. The condo board may require you to have the right insurance. For answers to your questions, reach out to us at Fuqua Insurance Agency in Tallahassee, FL.

Top 5 Things to Look for in a Condo Insurance

1. Coverage for loss of use or additional living expenses.

This condo insurance offers financial protection if the condo becomes uninhabitable due to a covered loss. This can be a fire or natural disaster. It can provide coverage for temporary housing and living expenses during repairs.

2. Assessment of Loss.

Loss assessment coverage protects condo owners when their association lacks enough insurance coverage for the common areas. Such as the pool area and clubhouse or outer structure. It covers the cost of that special assessment, providing peace of mind in unexpected situations.

3. Loss of Personal Belongings Coverage.

Loss of Personal Belongings Coverage protects owners from financial loss due to damage or loss of personal belongings. The coverage pays for repairing or replacing personal items in case of unexpected life events such as theft, fire, or natural disasters like hurricanes.

4. Personal Liability Coverage.

This condo insurance protects if there is an event causing bodily injury or property damage to others. It can help to cover legal fees, medical expenses, and other costs associated with a liability lawsuit. 

5. Dwelling Coverage.

Dwelling coverage in Tallahassee, FL provides coverage of the cost of repairing or rebuilding the physical structure of a home if it’s damaged by covered events, like fire, wind, or theft. The difference here is it covers your unit only. 

For questions and guidance, reach out to us at Fuqua Insurance Agency.