Condo Home Owners Insurance

More and more homeowners are choosing condos these days. They offer benefits like hassle-free lawn maintenance and access to common areas like pools, tennis courts, and other recreational outlets.

At Lee Crane, we offer custom condo insurance policies designed for personal needs in a way that helps condo owners protect their finances and possessions. Your insurance professional can help you determine what your coverage needs are and make the best decision.

Why is condo insurance essential?

As a condo owner, you’re responsible for any damages that occur within your unit — that means the interior walls, floors, and ceilings as well as your personal property. Of course, condo insurance protects personal possessions as well, even when losses there occur due to theft or vandalism.

If you experience damage caused by fire, water, or wind, you’re also covered.

Liability claims also fall under the purview of condo insurance. If you or everyone in your family — even your dog or cat — causes any injuries or property damage to others in your condo, you’re protected for some portion of the claim, which depends on a limit you set. You’ll also usually receive coverage for legal fees, court costs, and more, depending on the terms outlined in your policy.

Carefully inventory your needs and understand the value and importance of your personal belongings, comparing that information against your coverage and any exclusions that apply.

Benefits of condo ownership

Today’s busy lifestyles demand more of your time than ever. That’s why more and more Floridians are electing to invest in lower-maintenance property — and the lifestyle to go with it. Here are some benefits of condo ownership:

• End-to-end maintenance chores are the condo association’s responsibility
• Access to amenities — tennis courts, exercise equipment, swimming pools, and more
• Because of shared spaces, residents receive the social and other benefits of close-knit community life
• Condos are often in great locations, near food, shops, entertainment, and other city options
• Condo offer a high degree of security — gates, security personnel, and more

What does condo insurance NOT cover?

• Property damage caused by flooding
  An exception in condo insurance just as with standard homeowners insurance. Even in you’re not located in a high-risk area, you may determine you need a separate flood insurance policy.

• Vehicle damage
  Condo insurance typically doesn’t cover property damage caused by cars and trucks — or damage to the vehicles themselves.

• Limited RV coverage
  ATVs, personal watercraft and other recreational vehicles are sometimes included in condo policies, but coverage can be limited. It’s better to purchase policies that specifically address your recreational and other specialty needs.