Personal Property Insurance Solutions
The state of Florida requires condominium owners to have special assessment loss coverage. This specialized condominium coverage bridges the gap between your condo association’s master policy (which insures property owned by all unit owners) and your own property and personal liability protection coverage. While the condominium/association insures the basic structure, a unit owner policy is normally obtained to cover the unit owner for the following:
Items not covered by the association master policy that may be your insurance responsibility, The value of building additions or alterations made by you, at your expense, Value added (If you’ve put in a better quality stove than was originally there, for example, this coverage would make up the difference in case of loss) and Damage to your unit not compensated because of the master policy deductible.