Monday, June 29, 2015

Condominum Insurance

3201 NE 83 Street Unit 902 Aventura, Florida

This past week, I received an email requesting information on condominium insurance. The buyers are purchasing a condo in Aventura. At the moment, they reside in the North East of the United States where the guidelines and requirements are different from down here in the Sunshine State.

So, with this question in mind, let’s dive into condo insurance requirements.

In all cases, a condominium building will have a master insurance policy. This policy typically provides coverage for the exterior walls and roof. Master policy insurances also cover pools and gazebo areas.

Insurances you should consider:

Personal property coverage that includes, as the name indicates your personal property, as an example, clothing.

Contents insurance provides coverage for your furniture and personal possessions. Coverage includes damage from fire, lightning, windstorm, explosion, collapse, vandalism, smoke and hail (not seen in South Florida for years!)

If your condo in Aventura includes a carport, ask the association if this is covered in the master policy. If not, you should consider a policy that includes this type of structure.

Of course, you will want to purchase additional coverage if you own expensive jewelry, art and other antiques.

An important coverage, in my opinion, is contents replacement coverage. This pays for the full cost of repair at today’s market value. I have seen condos built in 1990 without this type of coverage. We all know the cost of living has certainly increased since this time. This type of insurance covers replacement at today's market value.T

Two additional types of coverage to include in your condo in Aventura policy include:

1. Personal liability protection, just in case someone slips and injures themselves in your home.
2. Additional living expenses coverage, if for some unfortunate occurrence you are forced to live in a hotel/motel the insurance will pay for your short term housing.

If you wish to delve further into this topic, here is the government website for an extensive look at insurances for your Condo in Aventura.

Of course, I will be happy to assist you and can be contacted at 786.797.9088 or email me here.

No comments:

Post a Comment