In Florida condo living, it’s easy to assume the building’s insurance covers everything, but it doesn’t. The condo association’s master policy typically protects the structure and shared areas, not the contents inside your unit. That means your sofa, TV, clothing, kitchenware, and other personal items aren’t covered unless you have your own condo insurance, ideally through Tim Huber Insurance, serving St. Augustine, FL.
How Personal Property Coverage Works
Your condo insurance policy includes personal property coverage, which protects your belongings from events like theft, fire, vandalism, and certain types of water damage. In Florida, where storms and hurricanes are common, this coverage is especially important. For instance, if a wind-driven rainstorm causes interior damage or a pipe bursts unexpectedly, you’ll want protection for your possessions.
Actual Cash Value vs. Replacement Cost
There are two main ways your insurer can reimburse you: actual cash value (ACV) or replacement cost. ACV pays you based on the item’s current value, factoring in depreciation. Replacement cost, on the other hand, covers the price of buying a new version of the item. While replacement cost coverage may increase your premium, it typically provides more value when filing a claim.
Don’t Overlook Special Items or Flood Risk
Standard policies often have dollar limits on high-value items like jewelry, fine art, or collectibles. To fully protect these belongings, you may need to add scheduled property coverage. Additionally, most condo policies don’t cover flooding, which is an important consideration in Florida. If you live near water or even in a low-risk zone, adding separate flood insurance could save you from significant financial loss.
Having the right condo insurance is about more than meeting basic requirements; it’s about ensuring your belongings are protected when it matters most. At Tim Huber Insurance, serving St. Augustine, FL, we’re committed to helping you get the coverage you need. Contact us today to learn more.
