Condo Insurance

How condo insurance differs from home insurance

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The Difference Between Home Insurance and Condo Insurance

If you own a condo with a mortgage, your lender will insist you purchase condo insurance. You might assume that condo insurance is a variant of home insurance. Indeed, there are similarities, but several key differences exist, which necessitate independent consideration. At Jet Stream Insurance Group LLC in Miami Lakes, FL, our professional team will ensure you understand these distinctions and receive the precise level of coverage you require.

Distinguishing Between Home and Condo Insurance

Let’s discuss the primary differences between home insurance and condo insurance:

Property Coverage

For condo owners, the exterior of the building and shared areas are covered by the condo association master policy. Where your coverage commences depends on the nature of the policy held by your condo association. It can either be from the exterior walls or from the interior walls. To determine the required coverage, it’s critical to read your covenant documents.

Liability Coverage

As a condo owner, you are responsible for anyone injured within your unit or by a family member. If an injury occurs outside your unit, such as in the parking lot, the condo master policy covers it.

Similarities Between Home and Condo Insurance

There are also commonalities between home and condo insurance, including:

  • Personal Property: Your personal property is covered similarly as in a home. You can choose between the current value or the replacement value. 
  • Loss of Use: If a covered peril damages your condo, you might need temporary lodging while repairs are completed. If you have this coverage, you’ll be able to reside in a hotel or apartment until your condo is livable again.

As an independent insurance agency, Jet Stream Insurance Group LLC in Miami Lakes, FL, provides clients with greater choices and superior service. Call our office today to schedule an appointment for a personalized consultation.

Frequently Asked Questions about Condo Insurance

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There are many types of insurance available on the market. Auto insurance, health insurance, and home insurance are the most well-known types of insurance. There is insurance for pretty much anything imaginable, including condo insurance. Jet Stream Insurance Group, LLC in Miami Lakes, FL is here to help you navigate this important coverage. Below, we have answered some of the most commonly asked questions about condo insurance.

Condo Insurance FAQs

Here are the most common questions about condo insurance and the answers to those questions.

What is condo insurance?

Condo insurance covers the part of the condo that the owner owns. It is similar to homeowner’s insurance, but it doesn’t cover the outside property or land.

How is condo insurance different from home insurance?

Condo insurance only covers the inner structure of the condo and the owner’s belongings. The outside structure and the outer property are covered by the HOA’s master policy. Home insurance covers the inner and outer parts of the home plus any other structures that are on the property. Home insurance also covers what happens on the outside of the dwelling.

Why do I need condo insurance?

In most cases, HOA requires condo owners to have condo insurance. Without condo insurance, you could be responsible for a lot of costs out of pocket. Here is an example of how condo insurance is beneficial. Let’s say you walk into your home and find that someone has broken in. 

You assess the damage and find that one of your appliances was broken or damaged. You file a claim with your insurance company and are compensated for the damage to your appliance. You then use that money to get a replacement appliance. All you have to pay is the deductible instead of the full cost of the appliance.

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These are just a few of the many questions people have about condo insurance. For more information about condo insurance or to get a quote, contact us at Jet Stream Insurance Group, LLC in Miami Lakes, FL.

Is There A Deductible For Damages Covered By My Condominium Master Policy?

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There are usually two types of deductibles. One is usually associated with physical damage and the other with a loss of money or other valuables. With the latter, the amount of the deductible usually depends on the value of the policy. 

Most policies will have a maximum deductible before the insurance company would pay up. Ensure you check with your agent before purchasing a condo master policy to confirm you know the maximum deductible amount. For inquiries, visit Jet Stream Insurance Group LLC, Miami Lakes, FL. 

Deductible For Damages: What You Need To Know

If you smoke in your condo, for instance, the building may require you to pay for the expense of removing the smell from the carpets. The amount of this cost will be included in your master policy and the cost is typically a covered occurrence. As the owner, you’re responsible for maintaining the unit in good condition, which includes ensuring that it doesn’t retain any odors. 

Ensure to read the coverage details of your condo master policy to certify that the cost of getting rid of odors is covered. Even if you purchased a condo policy, you may want to consider purchasing a separate homeowners policy that covers your entire property. A homeowners policy may be more expensive, but it will protect you against financial ruin if your condo is damaged or destroyed. 

The amount that can be deducted from damages is highly dependent on the type of damage incurred. If you are found at fault for the damage, you may be inquired to pay the full amount of the deductible. If the damage was caused to a common area, but no one was found to be at fault, then the deductible might be divided among all of the condo owners. 

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Depending on the policy, the deductible for damages may be $500 or higher. The condominium master policy usually does not include a deductible for any damages covered under the policy. Usually, the only deductible that the policyholder must pay is the deductible for the annual physical inspection of the condominium unit. For expert advice in Miami, Lakes FL, consult with Jet Stream Insurance Group LLC.

Does Condo Insurance Cover Theft?

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Your home in Miami Lakes, FL is safe from various risks if you chose to buy condo insurance from Jet Stream Insurance Group LLC. The policy comes to your rescue whenever theft occurs in your home. The insurance covers separate scenarios, for instance, when theft occurs inside your home or outside your home. It replaces your stolen valuables. To some extent, it pays for repair work in case damage occurred during the burglary. Different coverage policies may not cover all types of theft. Therefore, understanding what type of thefts that your condo insurance cover compensates is a wise move. Scroll down to grasp the basics. 

When To Expect Compensation After a Theft Has Occurred

Your valuables are safe from burglary if you own a standard homeowners policy. It covers scenarios such as pickpocketing and home breakages. However, find out if your insurance covers the Actual Cash Value or a Replacement Cost Value type. ACV works with the actual value when compensating for your stolen items. On the other hand, RCV reimburses you based on market value. Expensive equipment in your home comes with a reimbursement limit, depending on the insurance policy you are servicing.

What Coverage Limits Does Home Insurance Feature?

When purchasing your condo insurance policy, your agency will request you to write details of your family members for coverage. The list includes your spouse, your kids, and other people you may accommodate in your home. The policy covers personal valuables belonging to the people you have listed. However, the policy stops covering your kids if they move out after owning their homes. 

What Does the Policy State About Home Break-Ins?

Condo insurance covers break-ins and compensates for the losses you have incurred. The policy divides the subject into two, where the first includes loss of valuables during a theft. The category houses TVs, laptops, radios, DVDs, among others. The second category, damage, features breakages that occurred during a burglary in your home. It compensates for repair costs and replacements.

Talk to Jet Stream Insurance Group LLC in Miami Lakes, FL today to get decent condo insurance to safeguard your valuable home and your loved ones.

What is included with condo insurance?

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Those that are in the Miami Lakes, FL area are going to have a lot of different housing options. For those that want a nice place, but do not want all of the maintenance and upkeep responsibilities, getting a condo could be a great option. When you do get a condo, you should also get a condo insurance policy, as it will include a variety of different forms of coverage. 

Coverage for Assets

One of the main benefits of getting a condo insurance policy is that you will receive coverage for all of your assets. If there is ever a fire or other form of damage in your condo unit, the condo insurance policy will give you coverage to make repairs. The condo insurance policy will also include some coverage for your personal items if there is ever an incident of theft or other damage.

Coverage for Liability

When you get condo insurance, you will also receive protection for liability. Similar to those that own a single-family home, those that own a condo are going to take on liability risk if they have a guest come over to their home. Fortunately, when you get a condo insurance policy, you can mitigate this risk. A full condo insurance coverage policy is going to include a provision for liability insurance protection.

There are a lot of great reasons to get a condo insurance policy for your condo. When you are looking for a condo insurance policy in the Miami Lakes, FL area, you should call Jet Stream Insurance Group, LLC. When you work with Jet Stream Insurance Group, LLC to discuss your insurance needs, you are going to learn a lot more about your insurance options and get into a policy that gives the right protection.