<-Back
Condominium Unit Owner & Tenant
As a condominium unit owner or tenant it is your responsibility to protect and insure the interior and the business personal property of your unit against perils such as; fire, smoke / soot damage, damage from water leaks, Air Conditioning water leaks, theft, lightning and other perils…Unit owners should take into consideration of protecting (insuring) their property, the improvements and alterations (betterments) in the interior of the unit, their most valuable assets such as; Furniture, machinery and equipment, stock, business personal property (computers, telephone, printers, facsimiles) among other valuables, liability, medical payments to others, additional living expenses and / or Fair Rental Value, Business Income and / or Business expense , loss assessment coverage other perils structured to their business.
Tenants usually are required to insure similar coverages; the rented space for improvements and alterations (betterments), Business Personal Property (furnishings & Equipment’s), Business Income and / or Business expense, liability and other perils structured to their business. Talk to your insurance agent about these coverage’s and more today.
Common Perils in a Condo Unit Covered on an HO-6 Policy
Property Damage–
Unit owners are responsible for insuring the interior of their units.
The unit owner’s policy covers all personal property within the unit or limited common elements, floor, wall, and ceiling coverings, electrical fixtures, appliances, water heaters, and water filters, built-in cabinets and countertops, and window treatment components, or replacements of any of these.
Personal Contents-
Unit owners are responsible for insuring the interior of their units.U nit owners must purchase unit insurance to cover the interior of their units, their personal contents, liability, and special assessment.
Tenants are responsible for insuring their personal contents; the insurance covers their personal contents, liability and more. The unit owners and the tenants coverage protects your personal contents for physical property damage sustained by a peril insured against. Such as; fire, smoke, water damage, mold/fungi, theft, vandalism, Malicious Mischief and more.
Liability Protection-
This coverage helps protect you against the legal responsibility for any injury or property damage that you or anyone else insured under your policy may have caused to other people on or away from your property. It includes compensation for the injured party, the cost of defending you in court and most court awards — up to the limits of your policy. If you have significant assets, you should consider purchasing additional levels of liability protection.
Additional Living Expenses-
If a covered loss (like a fire) makes your condominium unit uninhabitable, this policy will cover the reasonable increase in expenses needed to maintain your normal standard of living for a certain amount of time. This may include payments for a hotel, food and other expenses.
Guest Medical Protection-
If someone inside your condo is accidentally injured, this coverage can provide payments for reasonable medical expenses, whether or not an accident in your home was your fault.
Condominium Loss Assessment Coverage
If your condominium association levies special assessments against you resulting from certain losses to your condominium complex, your policy will pay your share of such assessments up to the coverage limit. Most insurance policies cover $1,000.00. We encourage all unit policyholders to increase their limits to at least $5,000.00.
Before the law was enacted and repealed to carry $2,000.00 limit in loss assessment most unit owner’s policies carried $1,000.00 limit loss assessment.
HomeOwner Claims Public Adjusters highly recommends that all unit owners carry unit insurance coverage and loss assessment limits of a minimum of $2,000.00 but would prefer they carry the limit of $5,000.00; especially when the condominium associations are carrying higher deductibles today.
Please note: Uninsured or underinsured losses are considered a common expense of the condominium. The condo association board determines the deductible for the association policy. The bylaws can specify how these types of losses will be shared.
Condo Unit Owner Special Coverage Endorsement
Every unit owner should have this endorsement added to their HO-6 policy
Without this endorsement, damage to the condominium residence premises is covered only if the loss was caused by one of the perils listed in the policy. This endorsement provides broader coverage – responding to any cause of loss except those specifically excluded. For instance, this endorsement would cover accidental damage to floors, ceilings and walls from accidental paint spills. The paint spill would not be covered with the Basic H06 since it is not a listed peril. The paint spill would be covered if you purchased this endorsement because the policy does not contain exclusion for accidental paint spills.
Disclaimer: Insurance losses to Condominium Associations and Condominium Units are subject to your insurance policy, the Condominium By laws and Chapter 718 Florida Statutes, The Condominium Act.
The descriptions of coverage’s and programs are necessarily brief and are subject to policy provisions, limitations and exclusions that can only be expressed in the policy itself. Coverages and programs vary by state and are not available in all states. For a complete explanation of coverages, please consult your insurance agent and/or policy. Your policy is tailored to your Risk.