Condominium Unit Owners

Introduction
Along with the many advantages inherent in the unique characteristics of condominium home ownership, there are unique insurance hazards and problems. Fortunately, there are also unique insurance products designed to deal with these hazards and reduce risks of financial loss.

The Florida Condominium Unit
The Florida Condominium Unit Owners Policy provides protection against a wide range of hazards for personal property both at and away from the condominium unit, for additions and alterations to the unit, and for liability protection against injuries or damage to others arising from within the unit itself or personal activities away from the unit.

Coverage on Personal Property
The condominium unit owners policy covers personal property (clothing, furniture, other property which is not "additions and alterations") against many perils, including fire, windstorm, vandalism, and theft anywhere in the world. It is the unit owner’s responsibility to establish the desired amount of coverage.

Unit Owners Additions and Alterations
As distinguished from personal property, "additions and alterations" are those types of property which comprise permanent attachment to the realty. (Examples: Floor, wall and ceiling coverings, built in cabinets and appliances, air conditioner or heating equipment, water heaters, tile, light fixtures, and plumbing fixtures.)

Loss of Use
The condominium unit owners policy covers the additional living costs incurred during a period of time when the unit is uninhabitable because of damage to the unit or to the building from an insured peril.

Personal Liability and Medical
The condominium unit owners policy includes protection against claims for bodily injuries and damage to property of others arising from within the unit, or personal activity away from the unit.

Loss Assessment Coverage
This coverage reimburses unit owners for assessments arising from

1. Property losses, if covered by a peril insured against under their own unit owners policies
2. Liability losses covered under their own unit owners policies
3. Directors and Officers claims arising from acts of elected directors, officers or trustees serving without income.

Other Forms of Insurance
The foregoing information briefly describes the condominium unit owners policy and principal options, which is the sole purpose of this web page. Other kinds of coverage not unique to condominium unit owners’ needs, such as automobile, life, flood, long term care, and health insurance, may be appropriate. Contact us for a quote.

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