Purchasing a new home means that you need to have a homeowner’s insurance policy in place to protect the home.  Condo owners, however, often express some confusion about what their insurance needs are.  Most falsely assume that the condo association’s insurance coverage also protects their unit.  People in rental apartments need to have renter’s insurance in place to protect their personal belongs should they be damaged or destroyed in a fire or weather event.  The same holds true to condo owners.  While they fall somewhere between a house and an apartment, condo owners need to have insurance.  If the condo is financed, the lender may require that insurance is purchased.  The team at Assure-Us understands condo insurance and can help protect this valuable asset.  They regularly work with condo owners in the Miami Beach, FL area to put the right insurance policies in place. 

In general, most condo associations have a master policy to protect the physical structure or the outer walls.  It may cover the grounds and common areas with their amenities and furniture.  The type of policies and coverage amounts varies so condo owners need to understand what their association specifically covers.  They also can change their coverage so stay up-to-date on any changes that could affect your personal coverage.  The policies used most often by condo associations are called “walls in” and “walls out”.  When it is defined as a “walls out”, that means everything outside of a personal unit is covered.  A “walls in” policy does cover some fixtures within-person units but not any of the upgrades an owner makes.  Neither of these policies will cover any of your personal items, electronics or furniture.

Get the information from your condo association about the type and amount of insurance coverage they carry.  Then come see the agents as Assure-Us in the Miami Beach, FL area.  With information about the master condo policy, they can get you the right coverage for your situation.  Don’t wait until a disaster happens to discover that you have coverage gaps.  Call or visit them today for the right insurance for your condo.