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Condo insurance isn't required in Florida, but your condo association may still require you to purchase coverage. While condo associations must carry a certain amount of their own insurance, these policies often don't cover damage to your personal property, your personal liability or damage to your condo's structural elements.
Condo insurance offers financial protection by providing coverage for these risks. A condo insurance policy in Florida may cost as little as $20 to $50 per month, depending on your condo's location, structure and the amount of coverage you purchase.
Do I need condo insurance in Florida?
Condo owners in Florida used to be required to purchase condo insurance by state law, but this is no longer the case. However, you may be required by your condo association to:
- Have a condo insurance policy.
- Demonstrate proof that your condo insurance policy meets the association's minimum limits.
- Purchase your condo insurance policy from a particular company.
While condo associations are generally required to carry insurance, Florida statutes don't require your association's policy to include most fixtures and systems specific to your condo. You're not required to carry insurance for these items, but it may be a simple way to protect yourself financially.
Otherwise, you could be responsible for damage to and replacement of any personal property, the condo's floors and walls, electrical fixtures and appliances, water heaters and filters, built-in fixtures and window treatments.
A condo association's insurance policy typically covers:
- Exterior of the building and condo.
- Land the condos are located on.
- Damage in common areas, such as pools, hallways and lobbies.
- Liability in case someone is injured on the property or in certain common areas.
- Shared amenities and equipment, such as elevators and other building systems.
In some cases, condo associations have much more extensive insurance policies, which can include coverage for fixtures and structural components inside your condo as well. Therefore, we recommend confirming what's included in your condo association's policy before purchasing your own coverage.
Florida condo insurance (HO-6) coverage
Condo insurance, also called an HO-6 insurance policy, is similar to homeowners insurance in that it covers your personal property, liability and some structural elements of your home.
However, condo insurance is commonly described as "walls-in coverage", as it offers limited protection for damage to the building that occurs outside your condo. You can purchase condo insurance whether you're renting a property or buying a condo.
Depending on the level of coverage you prefer, you can purchase a condo insurance policy in Florida for either the actual cash value or replacement cost of your dwelling and property. A replacement cost policy is more expensive, as it pays to replace any damaged items up to your policy's limits without accounting for depreciation.
Condo insurance policies can be customized to your needs and risk profile, and most policies come with the following coverage options.
- Dwelling coverage: Your policy's dwelling coverage generally includes damage to all items that are permanently affixed within your condo but not covered under your association's policy. This can include elements such as your walls, flooring and countertops. Dwelling coverage can also cover any alterations or improvements you've made to the condo.
- Personal property: This provides coverage if your belongings are stolen or damaged, either while inside your condo or outside the premises. Personal property coverage includes a wide variety of items, including clothing, furniture, technology and other home furnishings.
- Loss assessment: Any damage to or within common areas is partly your responsibility as a condo owner. While the condo association should have an insurance policy, you may need to cover any costs that exceed its limits. By Florida law, your condo insurance policy must include at least $2,000 of loss assessment coverage, which can be used to pay for losses that exceed your association's policy limits.
- Personal liability: If somebody files a lawsuit against you claiming injury or property damage, your personal liability coverage would help cover your defense costs and pay for damages. For example, if a friend slipped in your condo and fractured a bone, this coverage would provide protection in case your friend sues you. You can also typically purchase liability coverage for your pet, in case they injure or bite someone. However, not every insurer will cover all pets, so ask about this when getting a quote.
- Loss of use: If your condo is damaged badly enough that you're unable to inhabit it for a period of time, loss of use coverage will help pay for lodging, food and other extra expenses you incur. The limit for this coverage may be a percentage of your personal property limit, so it's wise to confirm this detail when buying a policy.
Condo insurance rates in Florida
Condo insurance rates in Florida vary depending on where your condo is located, its size, the building's structure and roof, whether it's your primary residence and whether the condo has built-in safety features.
All condo insurance policies generally offer discounts for safety features like deadbolt locks and smoke detectors. But in Florida you can get discounts for wind-resistance features, also called "opening protection", due to the prevalence of hurricanes in the state.
Coverage A (dwelling)
Coverage C (personal property)
Annual premium (no opening protection)
Annual premium (hurricane-level opening protection)
The condo insurance quotes you receive can also change significantly based on the level of coverage you choose. As you can see in the examples in the table above, annual condo insurance rates for the same policy can increase by $234 per year if you choose to double your dwelling and personal property coverages.
Depending on your condo association's rules, you may be required to buy a certain amount of coverage, but you should also make sure this amount is sufficient to cover your potential losses.