GREAT NEWS! LAW JUST OVERTURNED 07/10!!
CONDO OWNERS NO LONGER REQUIRED TO
PURCHASE ADDITIONAL INSURANCE!!
CONDO INSURANCE
NEW LAW JANUARY 09!
Own a Condo? Read Up!
Condo owners in Florida, as of 1/1/09, will be required to have an HO-6 insurance policy. Up until now, condo owners weren't required to hold additional insurance coverage for anything on the interior of the unit or personal property. And the majority of condo owners in Florida elected not to purchase this insurance, relying on the coverage issued by the master condo association's policy (which only covered the common areas, elevator, roof, walkways).
Now, owners will need to take out the additional policy, and name the condo association as additional insured.
This new requirement doesn't come without controversy. Many condo associations are electing not to enforce this new law. However, for those that do... they will be sending letters requesting proof of insurance to each owner. The owner will then have 30 days to provide proof of the insurance policy.
If you are a condo owner, don't be afraid! Condo owners in South Florida are reporting their new policy quotes are between $300-$500 per year for $15,000 for the interior structure and $20,000 for personal property.
REMEMBER, IF YOU ARE A LANDLORD... YOU SHOULD HAVE LANDLORD LIABILITY INSURANCE in your policy! If there is a slip and fall, if there is a fire or hurricane with damage to the interior of your unit, you need insurance! CALL YOUR AGENT, AND DISCUSS YOUR SITUATION WITH THEM. Insurance is often much less expensive than people think...and is well worth the investment. Tenants should have renter's insurance, but that only covers their own personal property. It does NOT assist the Landlord in any recovery for anything else on the interior unit.
For more information, contact your condo association. Most insurance agencies are writing policies now, and are already familiar with the new requirements. Shop around, compare prices, ask for referrals from your condo association or neighbors and friends. Most insurance agents can write a policy within the same day.
For more information, visit Florida's legislation page and look up the full text of HB-601.
Insurance agencies to consider (call, compare prices):
- Allstate
- State Farm
- www.condoinsuranceshop.com
- www.isurebrokers.com
Got a great deal and want to share your recommendation with others?? Let us know and we'll get the word out!!
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