Category: Condo Insurance

Did you know that it is as important to insure a condo as it is a home? Let the Fuqua Insurance Agency, serving the Tallahassee, FL area, explain why condo insurance is necessary.

Why Condo Insurance?

Condominium insurance, also known as HO6 insurance, is designed to work with your association’s insurance policy. It will cover personal belongings and, in most cases, permanent fixtures in your unit, such as built-ins. If you are sued for negligence, if your dog bites a guest, or if you need to relocate during repairs, it helps with these costs.

Condos are a great alternative to renting an apartment. You will build equity the same as if it were a single-family home. But condos have their own unique needs when it comes to insurance.

An HO-6 insurance policy is what is required for a condo. HOA policies cover the structure of the building including elevators, common areas, exterior walls, and the roof. They do not cover individual condo units. That is why the owner needs to purchase condo insurance.

An event not typically covered by an HO-6 policy is flooding, which is not covered by any homeowners’ insurance company. A specific policy would be needed for it. If your condo floods from accidental water damage from the condo above, it will be covered by your homeowners or condo insurance. If it can be proven that the damage was preventable, the insurance company could take action with the neighbor’s insurance company.

Get The Right Coverage Today

Condo insurance is relatively inexpensive when compared with what you could lose in the event of a fire, break-in, or some other covered peril. Protect your condo. Don’t risk losing your personal property in the event of a disaster.

Our team of insurance experts at Fuqua Insurance Agency in Tallahassee, FL can provide a quote or answer any questions you may have. Contact us today.

Protect your home with the right condo insurance policy. As a tenant, you’re responsible for your belongings and any damage you cause to the property. Condo insurance can help cover the cost of repairs or replacements if something happens to your belongings or the unit itself.  Fuqua Insurance Agency in Tallahassee, FL offers this guide on navigating this important coverage.

What is Condo Insurance?

Condo insurance is a type of homeowner’s insurance that explicitly covers condos. Like other homeowner’s insurance policies, it can help protect your home and belongings from damage or theft. It can also help cover the cost of repairs if you accidentally damage another person’s property.

What Does Condo Insurance Cover?

Condo insurance typically covers:

• Damage to your unit from a covered event (e.g., fire, windstorm)

• Theft of your belongings

• Liability coverage if you’re sued for accidentally damaging someone else’s property or injuring them

Also, if you need to leave during a covered event (e.g., evacuation because of a hurricane), your condo insurance can help cover the cost of temporary housing.

What Does Condo Insurance Not Cover?

Condo insurance rarely covers:

• Flood damage

• Earthquake damage

• Damage caused by poor maintenance or negligence

• belongings left outside of your unit

Before accepting a policy, read the fine print to ensure you understand what is and isn’t covered. Your Fuqua Insurance Agency representative can help explain the coverage and exclusions in your condo insurance policy.

Deductibles and Limits

Condo insurance policies typically have a deductible, the amount you have to pay before your insurance kicks in. For example, if you have a $500 deductible and your damages total $1,000, you pay the first $500, and your insurance would cover the remaining $500.

Most policies also limit the maximum amount your insurance will pay for a covered event. For example, if you have a $500 limit for personal property and your damages total $1,000, your insurance would only cover $500.

Give Us A Call

Your Fuqua Insurance Agency representative in Tallahassee, FL can help you choose the right deductible and limits for your condo insurance policy.

If you own a condo in Tallahassee, FL, you must be aware of condo insurance. But do you understand how this insurance works? Do you know what it covers? For answers to these and many other questions, keep reading as Fuqua Insurance Agency shares responses to frequently asked questions about condo insurance.

What is condo insurance?

Condo insurance is an individual coverage for condo owners that covers the interior of your condo against damage. Depending on your condo owner’s association (COA) coverage, your condo insurance covers the interior walls, appliances, and other personal properties. 

But am I not covered by COA master policy?

Most condo owners are often confused about why they need condo insurance, yet their condo is covered by a COA master policy. Well, your COA’s master policy covers damage to the exterior of your building, including areas such as the lobby, elevator, tennis court, and other common areas. Besides, COA covers injuries to guests occurring in common areas such as the swimming pool. However, the COA master policy doesn’t cover damage or loss to your condo’s interior and its contents. 

What does condo insurance cover? 

While condo insurance may differ from one insurance company to another, typical condo insurance covers the below:

• Dwelling coverage: Protects your building interior against perils like theft, vandalism, fire, and other covered risks.
• Personal belongings: Covers personal assets like furniture, clothing, and electronics against loss or damage.
• Liability coverage: Condo insurance provides bodily injury and property damage coverage, including legal fees coverage for injuries or damages you cause to other people. 
• Additional living expenses (ALE) coverage: Provides coverage when your condo becomes unlivable. It pays for extra living expenses like hotel meals and accommodation after seeking temporal shelter as your condo is undergoing repairs. 

Are you shopping for condo insurance in Tallahassee, FL? At Fuqua Insurance Agency, we understand condo owners’ insurance needs differ. As such, instead of providing a one-size-fits-all condo insurance plan, we offer personalized insurance coverage to answer your specific needs. Contact us today for a competitive quote.

Tallahassee is a trendy place to call home. As the capital of Florida, condos are in high demand. Insuring a condo is not precisely like insuring a free-standing home. Before you invest in condo insurance, talk to an independent insurance agent that you trust to steer you in the right direction. At Fuqua Insurance Agency in Tallahassee, FL, we care about you, and we will give you the benefit of our years of insurance experience. 

With condo insurance, you don’t need to insure the outside of the building. The condo association has a master policy that covers the exterior and common areas. Familiarize yourself with the master policy. It is important to know where the association insurance ends, and yours needs to begin.  

Property coverage

While you don’t need to insure the exterior of your condo, you need to cover the walls-in. This means things like the kitchen cabinets, a fireplace, bathrooms, and fixtures. If you have done any upgrades, be sure these are reflected in the price the insurance company will pay you to restore the interior if it is damaged. 

Contents

Everyone has a lot more possessions than they realize. You can choose replacement cost or actual value. Replacement cost is more expensive, but it means what it sounds like, you won’t get the depreciated value of your 10-year-old washer. You will get the amount you need to buy a new one. 

Liability

If someone is injured while visiting your condo or by a member of your family, liability coverage will protect your assets and help pay any legal fees and a judgment against you. 

Loss of use

If your condo is damaged and you can’t live there for a while, this will help pay for a place to stay. 

Contact Fuqua Insurance Agency in Tallahassee, FL for all of your insurance needs.