Florida Condo Insurance (HO6) Coverage and Rates
A condo insurance policy in Florida may cost as little as $20 to $50 per month.
However, the cost depends on your condo's location, structure and the amount of coverage you buy.
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Condo insurance isn't mandated by the State of Florida, but your condo association may require you to have coverage. While condo associations must also carry insurance, their own policies often don't cover damage to your personal property, your personal liability or damage to your condo's structural elements.
Condo insurance offers financial protection by covering these risks. A condo insurance policy in Florida may cost as little as $20 to $50 per month, depending on your condo's location and structure and the amount of coverage.
Condo insurance rates in Florida
Condo insurance rates in Florida depend on where your condo is located, its size, the building's structure and roof, whether it's your primary residence and whether the condo has built-in safety features.
All condo insurance policies generally offer discounts for safety features such as dead-bolt locks and smoke detectors. In Florida you can also get discounts for wind-resistance features, also called "opening protection," due to the prevalence of hurricanes in the state.
Coverage A (dwelling) | Coverage C (personal property) | Annual rate (no opening protection) | Annual rate (hurricane-level opening protection) |
|---|---|---|---|
| $50,000 | $25,000 | $286 | $278 |
| $100,000 | $50,000 | $520 | $502 |
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Your condo insurance quotes can also change based on coverage level. As you can see in the examples in the table above, annual rates for the same policy can increase by $234 per year if you choose to double your dwelling and personal property coverages.
Depending on your condo association's rules, you may need to buy a certain amount of coverage, but you should also make sure it's enough to cover your potential losses.
Do I need condo insurance in Florida?
Condo owners in Florida used to be mandated by state law to have condo insurance. This is no longer the case, but your condo association may require you to:
- Have a condo insurance policy
- Show proof that your condo insurance policy meets the association's minimums
- Buy your condo insurance policy from a particular company
While condo associations themselves are generally required to carry insurance, Florida statutes don't require their policy to include most fixtures and systems specific to your condo. You're not legally required to carry insurance for these items, but it's a simple way to protect yourself financially.
Otherwise, you could be responsible for replacing personal property and repairing damage to the condo, including the floors and walls, electrical fixtures and appliances, water heaters and filters, built-in fixtures and window treatments.
A condo association's insurance policy typically covers:
- Exterior of the building and condo
- Land the condos are located on
- Damage in common areas, such as pools, hallways and lobbies
- Liability if someone is injured on the property or in certain common areas
- Shared amenities and equipment, such as elevators and other building systems
Some condo associations have much more extensive policies that may include coverage for fixtures and structural components inside your condo. Confirm what's included in your condo association's policy before getting your own coverage.
Florida condo insurance (HO-6) coverage
Condo insurance, also called an HO-6 insurance policy, is similar to homeowners insurance, in that it covers your personal property, liability and some structural elements of your home.
But condo insurance is commonly described as "walls-in coverage," because it offers limited protection for damage to the building that occurs outside your condo. You can buy condo insurance whether you're renting a condo or own it.
Depending on the level of coverage you choose, you can get a policy in Florida for either the actual cash value or replacement cost of your dwelling and property. A replacement cost policy is more expensive, as it pays to replace damaged items, up to your policy's limits, without depreciation.
Condo insurance policies can be customized to your needs and risk profile. Most come with the following coverage options.
- Dwelling: Your policy's dwelling coverage generally includes damage to items permanently affixed within your condo but not covered by your association's policy. This can include walls, flooring and countertops. Dwelling coverage can also cover alterations or improvements you've made to the condo.
- Personal property: This provides coverage if your belongings are stolen or damaged, either while inside your condo or outside the premises. This coverage includes a wide variety of items like clothing, furniture, other home furnishings, and technology.
- Loss assessment: Any damage in common areas is partly your responsibility as a condo owner. While the condo association should have an insurance policy, you may need to cover costs that exceed its limits. By Florida law, your condo insurance policy must include at least $2,000 of loss assessment coverage, which can be used to pay for losses that exceed your association's policy limits.
- Personal liability: If somebody files a lawsuit against you, claiming injury or property damage, your personal liability coverage would help cover your defense costs and pay for damages. For example, if a friend slips in your condo and fractures a bone, this coverage would provide protection if your friend sues you. You can also typically get liability coverage if your pet bites or otherwise injures someone. However, not every company will cover all pets, so ask about this when getting a quote.
- Loss of use: If your condo is damaged badly enough that you're unable to inhabit it for a period of time, loss-of-use coverage will help pay for lodging, food and other extra expenses. The limit for this coverage may be a percentage of your personal property limit, so confirm this detail when buying a policy.
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