HO-6: Condo Insurance 101
In 2008 the State of Florida implemented mandatory insurance policies for all condominium unit owners. Additionally, the condo association was given the authority to obtain, and charge any unit owner who didn’t confirm that they already carried personal condo insurance, known as HO-6 insurance.
This law was repealed in 2010. The current version of the Florida Condominium Act does not contain the requirement that unit owners carry insurance, although it is important to do so for many reasons.
The statute defines the areas of the condo which the unit owners are responsible to insure, including:
- The floor
- Walls
- Ceiling Coverings
- Electrical fixtures
- Appliances
- Water heaters and filters
- Built-in cabinets and countertops
- Window treatments
It also excludes the responsibility of the condo association’s insurance policy to cover all personal property within the condo unit, in addition to the above listed items.
However, the law can still be a little confusing, because while condo owners are responsible to insure these areas within their units, the statute does not require that an owner carry insurance. Therefore, while there might not be a legal obligation to carry insurance on your condo unit, it is the responsible thing to do. Additionally, some condominium documents may require owners to carry HO-6 insurance, even though the State of Florida does not.
An HO-6 policy typically provides coverage in the event of loss or damages from:
- Fire
- Lightning
- Wind
- Hail
- Vandalism
- Theft
- Accidental water overflow
So when you compare the risks to the cost of most HO-6 policies, they’re very reasonably priced. Also, many disputes can be avoided if everyone carries adequate insurance, especially when there are expensive losses due to common risks, such as burst pipes.
If your condo is rented out, you can still obtain a policy with the addition of a specific endorsement, even if it’s rented on a short-term basis. Coverage is also available if you occupy your condo seasonally, or as a second residence, or even if it’s titled in a trust.
Although HO-6 insurance may be somewhat confusing, a trusted agent can help you determine the right coverage for your condo.
For additional help with your HO-6 condo insurance policy needs, contact Pettineo Insurance Agency today at (954) 493-9424 or visit www.pettineo.com for a free quote.
Pettineo Insurance Agency Inc. provides HO-6 condo insurance coverage in Fort Lauderdale, Lauderdale-By-The-Sea, North Lauderdale, Pompano Beach, Oakland Park, Boca Raton, Deerfield Beach, Hollywood, Sunrise, Coral Springs, Pembroke Pines, Sunrise, Tamarac, Plantation, Lighthouse Point and all of Florida. As an independent agent we represent many top rated companies in both the personal and commercial lines. We place your policy with the company offering the best coverage at a reasonable price. We offer a complete line of personal, commercial, life and health insurance products, designed exclusively for your insurance needs. Serving South Florida for almost 30 years, Pettineo Insurance offers the highly personalized service and stability that you should expect from your insurance agent.
