Finding condo insurance in Naples, FL, that’s right for you can be a daunting responsibility. It’s different than looking for traditional home insurance. You are insuring different property and you have different responsibilities than you do if you have a single-family home.
Condos are usually units within a building. Whether they are single story or a high-rise, residents usually share walls with other owners. The association or community management is usually responsible for insuring the outside of the building and the common areas. Owners pay a portion of the cost as part of their monthly fees or assessments.
The owner of the individual unit is responsible for insuring the inside of the unit. That usually just includes personal items, but you may also need to insure a portion of the property. For example, make sure you have coverage for appliances, built-in bookcases, and other features. It’s important to read your condominium documents to make sure you know what you are responsible for and what the association handles.
Personal property insurance covers the personal items inside your home in the event they are damaged or stolen. This type of insurance can also protect a homeowner’s personal items outside the home; however, that may not always apply to condo owners, so it’s important to check the terms.
There are other types of insurance you may want to consider, too. If you rent out your unit, you will likely need additional coverage, for instance.
If you rent out your condo short-term, you may need an endorsement or rider on your existing policy. If it’s your second home and you rent your condo long-term, you will need landlord insurance. These policies cost more than a standard homeowners policy but will give you increased coverage, including coverage for loss of rental income. It’s important to talk to an agent to explain exactly how you intend to use your property to ensure you have the right policy for your needs.
Alongside condo insurance, you may want liability insurance. Liability insurance protects you when someone gets injured on your property, and you are deemed to be at fault. Unlike homeowners insurance, a condo owner only needs liability insurance to cover injuries that might happen inside the condo. Injuries in common areas are frequently covered by a condo association’s insurance.
Loss Assessment Coverage
Optional Condo Loss Assessment Coverage can cover you if your condo association rules require you to help pay for damages in common areas like a shared lounge or pool. Loss assessment coverage is typically an add-on to other coverages you have.
If you need help finding condo insurance in Naples, FL, Domain Insurance is here to help. We can help you assess your needs and risks and help you find the coverage that best suits you. Contact us online or call (239) 610-1116 to protect your assets today.