Condo Insurance

Florida Condo Insurance Coverage

Our Florida condo unit owner's policy has several coverage options. These coverage options allow you to customize your policy to best suit your insurance needs.

Your condo association's insurance does not provide coverage for the interior features of your condo (e.g., flooring cabinetry, etc.) or your personal property (e.g., furniture, clothing, electronics, etc.).

Coverage A provides coverage for the interior features of your home, such as flooring, cabinetry, fixtures, and any other permanently affixed additions or alterations when a loss is caused by a covered peril named in the policy (e.g., fire, lightning, or theft).

Coverage A (Dwelling) Limits: minimum of $30,000 up to a maximum of $300,000

 

Optional Special Coverage A (Open Perils)

For an additional cost, Special Coverage A can be added to the policy. This coverage changes the terms of your policy from Named Peril to Open Peril, which means losses caused by any peril that is not specifically excluded in the policy are covered.

Coverage C covers your personal property, such as free-standing appliances, clothing, and furniture. Personal Property is covered at replacement cost, which means there is no deduction for depreciation.

Coverage C (Personal Property) Limits: minimum $20,000 up to a maximum of $200,000 *Replacement cost on contents is included in a Security First Insurance policy. 

Replacement cost coverage for your personal property allows you to replace or repair items that were damaged or destroyed based on current market prices. Without this coverage, your items will be valued at actual cash value (ACV), which is generally less than the cost of a brand new item. ACV is more like the price you'd see at a garage sale.

 

Optional Special Coverage C (Open Perils)

For an additional cost, Special Coverage C can be added to the policy. This coverage changes the terms of your policy from Named Peril to Open Peril, which means losses caused by any peril that is not specifically excluded in the policy are covered.

Coverage D (Loss of Use) provides coverage for the additional costs you or your family incur when your condo becomes uninhabitable due to loss caused by a covered peril.

Coverage D (Loss of Use) Limits: 40% of Coverage C 

Tip: Make sure you keep all your receipts so that you can be sure to receive the correct reimbursement. 

We understand the importance of having immediate access to the funds you need for your additional living expenses, which is why we provide our customers with a pre-paid debit card that they can begin using right away once activated. This eliminates the hassle of depositing a check and allows our customers to withdraw cash immediately. This is one of the many solutions we've put in place to improve the customer experience with Security First Insurance.

Coverage E (Liability Coverage) provides coverage that can protect you in situations that may be unforeseen, such as a friend twisting their ankle on a loose step. Liability coverage also covers certain defense costs - even if the lawsuit filed against you is false, groundless, or fraudulent. However, it does not cover liability losses caused by any animals you own or keep.

An optional Dog Liability Coverage endorsement may be available to cover bodily injury and property damage caused by dogs you own or keep (certain restrictions apply).

Coverage E Limits: $100,000, $200,000, $300,000, or $500,000

Note: There are two different types of Liability Insurance - Personal and Premises. Premises Liability restricts the Liability to incidents that occur at the insured location. Personal Liability will be restricted to incidents that occur on the property's premises under certain policy conditions.

Coverage F provides for the necessary medical expenses that are incurred by others (not living at your residence) if they are injured on or by your property, by an animal you own or keep, or as a result of you or a family member residing with you.

Coverage F Limits: $1,000, $2,500, or $5,000

Loss Assessment Coverage provides coverage for your share of a loss assessment charged by a corporation or association of property owners up to the policy's limit of $2,000.

For policies with Standard or Limited Water Damage Coverage, a $5,000 limit is automatically included for Water Backup and Sump Overflow damage. This endorsement provides coverage for damage resulting from water that backed up through a sewer or drain, or which overflowed from a sump.

Optional Coverages 

We offer the following optional coverages that can be added to your condo insurance policy:

  • Equipment Breakdown

  • Identity Theft Protection

  • Dog Liability

  • Personal Injury

  • Scheduled Personal Property

  • Golf Cart Physical Damage and Liability

  • Screened Enclosure/Carport Coverage

  • Increased Special Limits Coverage

  • Unit Owners Special Coverage A

  • Unit Owners Special Coverage C

Tip: Check to see if any of these coverages are included or excluded in the Florida condo insurance quotes you receive from your agent to make sure you're conducting an accurate comparison. By reviewing coverage carefully, you'll be able to make a better decision and discover the coverage options that are better suited for you.