Condos come in all manners of shapes and sizes — they can be an apartment, townhouses, or even duplexes. Whatever the form of your condominium, you have to think about condo insurance from Assure-Us in Miami Beach, FL. And because condo insurance usually confuses many people, we have prepared a FAQs section to shed more light on this coverage.

Why do I need condo insurance if I contribute to the COA policy?

You may be wondering why your condo isn’t covered under home insurance, yet you use it as a home. Condo insurance distinguishes the property you own outrightly (like a house) and one located inside another building managed by an association. So, condo insurance protects the property you own. In contrast, the condo owner’s association policy (COA) covers your condo’s external areas and liabilities happening in common areas like the lobby or swimming pool.

What does condo insurance cover?

When you invest in condo insurance, you get value for your money. Condo insurance covers numerous arrears, including:

• Your assets
• Your condo’s interior
• Liability coverage
• Loss of use
• Medical payments to third parties

How much condo insurance do I need?

We advise you to consider liability coverage of about $300,000. If you have a dangerous pet, this limit can be increased. If you are a high net-worth individual, consider umbrella insurance for liability coverage of $1M plus.

As for your contents coverage, consider coverage that replaces your entire assets when the worst happens. This means you should use the replacement cost value for your assets to get compensation without reducing the depreciation factor.

Where can I purchase condo insurance?

Shopping for condo insurance can be downright frustrating, but this doesn’t have to be the case if you are in Miami Beach, FL, or the surrounding area. Please get in touch with Assure-Us, and we shall help you purchase a condo insurance policy that meets your needs.