Is your condo insurance providing you adequate protection?
To adequately insure your condo, make sure that between the condo associations' master policy and your personal policy, you're fully protected but not over-insured. There are different possibilities where there could be gaps.
Figure out if you need anything in between or expanded coverage - so you don't have to worry about significant out of pocket costs later.
It would be wise, to consider these additional protections:
Flood Insurance
- Flooding can happen anywhere; this is especially true if your condo is located near the ocean. Whether you are in high altitude, or low precipitation areas, there are flooding risks that can lead to costly losses. Be sure to understand your risks and what can happen if your condo is damaged by unexpected flooding.
- Don't assume that because you live on the third floor of your condo building that flooding insurance does not apply to you. Potentially you could still be responsible for some flood damages to communal areas, caused by secondary issues like sewer backups as well as any related damage to units.
- Flood insurance is worthwhile to consider, because the condo association's master flood coverage may not cover your personal contents or the interior structure of your unit. Many condominium owners have the false impression they are fully covered for hurricanes without taking the risk of flooding into account. Be sure to obtain a copy of the master policy to understand what is covered.
Personal Umbrella
- For additional liability protection, you may want to consider investing in a separate personal umbrella policy. This kind of policy goes into effect when you reach the limit of your condo's liability coverage and can help protect you against large liability claims or judgments.
- Lawsuits against individuals are common and can sometimes reach devastating levels. Our homes have many potential hazards, ranging from slippery floors to pets that sometimes bite.
- It can help protect you if you are sued or a court judgment is made against you because of an accident in your home/condo or if you caused damage to someone else's property.
We offer standard condo insurance policies with many flexible options, and can help you choose the proper amount of coverage. We suggest reading your association's bylaws to learn what parts of your condo are covered by the master policy and which parts you will need to insure on your own.
If you're interested in obtaining a condo insurance policy, or have questions about specific coverage's, contact the Pettineo Insurance Agency at 954.493.9424 or visit our website, pettineoinsurance.com
Pettineo Insurance Agency Inc. provides condo insurance 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.
