There are many things that you should know about condo insurance in Naples Florida. The insurance for condos in Naples Florida is different from insurance that you would buy for a house or some other property anywhere else in the country. Here are a few things that you should know about your condo insurance in Naples Florida.
The master policy for condo insurance in Naples Florida should spell out everything that you are in charge of covering in the condo. A condo is not owned by just one person so typically the master policy will have everyone responsible for covering everything that is owned in common-the exterior of the building, any hallways, and the pool area. Typically, you will be in charge of everything that is within the walls of your unit.
There is an association deductible that is included in the condo insurance in Naples Florida. This deductible will help to cover the condo if the condo needs major work because of a hurricane, natural disaster, or some other event. The deductible to cover these events will be split up among everyone who owns a part of the condo.
How Much Coverage
Many times you can decide how much coverage to get by how much the other owners in the condo have. A good rule of thumb is to figure out an estimate of all the interior structures and then get a policy for half the market value.
Replacement or Cash Value
There are two choices with your condo insurance in Naples Florida coverage-replacement or cash value. With cash value, you will give you the value of any item that is insured minus the depreciation. However, if you choose to use the replacement method you would be given the amount in order to buy a new item to replace the one that was damaged.
Insure Contents & Structure
It is important to get coverage for both the contents of your condo and the structure of your condo. The contents of your condo mean things like furniture, electronics, jewelry, and anything else that you own that is valuable. The structure of your condo means things like the flooring, countertops, carpeting, and the lighting. You will be responsible for insuring all of the structures in your condo but it will be up to you to decide how much coverage you will want on the contents of your condo.
Many people will want to discuss flood insurance on their condo, especially if they live in a flood zone. Most condos will have a flood policy to cover the structure of the building but they will not cover any or your personal items that get ruined so it is also a good idea to get your own personal flood insurance.
If you own a condo, it is important that you have condo insurance Naples Florida. Contact Your Florida Insurance Agency today at 239.278.1700 to ensure you have the proper protection.