Whether occupied throughout the year or on a seasonal basis, your condo will need to be insured!
Regardless of how often you occupy your condo or even if you rent it out as an investment, you will need to insure your condo in the event of a loss or should you ever be found liable for property damage or bodily injury to a third party.
Intergroupe USA focuses on ensuring that you properly understand your coverage. A perusal of your policy paperwork and a quick call to our experts will set you in the right direction. We will happily provide you with a quote adapted to your specific situation and according to your unique needs.
The main types of coverage we might propose would be:
Condominium Unit – Dwelling
Covers permanent elements such as appliances and fixtures that are located within your unit and are under your responsibility per your Condo Association bylaws. This includes improvements and betterments and coverage is usually provided on a replacement cost basis according to the type of policy and the limits selected.
Personal Property
Covers your personal property and contents situated inside your home; e.g. clothing, and furniture. This coverage may be provided on a replacement cost basis or on an actual cash value basis. Should you have high value objects such as paintings, art pieces, jewels or fur, we will propose extra coverage in the form of an endorsement.
Loss of Use
Provides indemnity for additional living expenses, or loss of rent, if you temporarily are unable to live in or rent your unit following a covered loss.
Personal Liability
Such an important aspect of your residential insurance policy, this section covers bodily injury or property damage for which you are found legally liable. This coverage does not extend to the people living with you, and notes certain exclusions such as damage caused by the use of an automobile, or professional activities if no specific coverage is added.
Good to know: Your insurance will also cover your defense costs according to the conditions of the contract!
Medical Payments to Others
Regardless of liability, this section pays for reasonable and necessary medical expenses should someone be injured on your property. As with the civil liability section, this coverage does not cover persons living with you and has many of the same exclusions which are found in your policy wording and can be explained to you by our team.
Loss Assessment
Specifically for condominium owners’ policies, this section pays your contribution following a direct loss to the property owned collectively by all members when caused by a peril insured by your policy up to the predetermined limits.
What is covered?
Depending on your policy, losses by fire, lightning, vandalism, theft and hurricane can be covered.
Sinkhole loss coverage might be also available, as well as flood coverage.
Flood is a major risk in Florida even if your home is not located in a flood zone. You might consider adding these endorsements, especially if you are close to any body water.
The deductible may vary according to the risk involved.
Be sure to pay close attention to the exclusions in your contract as certain policies exclude hurricanes and others exclude theft. Each insurer has their form so let us help you choose what’s right for you!
Good to know
On the declarations page of your policy, you will find the list of your chosen coverage and the limits applicable.
Limits and exclusions may apply especially if your condo is unoccupied during the year of if you do not have any security or alarm in place.
We can help you navigate these uncertainties.