Condominium Owner Personal Property Insurance Solution
As hurricanes are a natural part of the Floridian lifestyle, the state requires condominium owners to carry special assessment loss coverage. After any damages from a hurricane or other natural disaster, the condominium’s master policy will cover a loss. However, if the damages exceed the coverage available in the building insurance policy, the association may seek a shared portion of the coverage from individual unit owners that the underlying association insurance was unable to cover.
Many unit owners frequently ask if their individual policy covers a portion of those repairs rather than having to pay a special assessment. The simple answer is that if you are a condominium unit owner, your policy must include at least $2,000 in property loss assessment coverage. This guarantees that the association will obtain some of the necessary funds for repairs when faced with a loss that are not fully covered by the master policy. Overall, this helps you avoid paying out of pocket if a common area claim requires your assistance.