“Walls-in Insurance Coverage” for South Florida Condominiums
While it is not a legal requirement to have condo insurance here in South Florida, it may be wise to consider getting what is known as an HO-6 policy if you are the owner of a condominium to ensure you have the comprehensive protection this specialized policy offers.
The HO-6 condo policy is a type of homeowners insurance that provides coverage for the unit itself (home improvements, additions etc.), insures the personal property and contents owned by the inhabitants (their personal items) and provides personal liability coverage for the insured.
In addition to the personal property and liability, HO-6 condo insurance also pays for your share of the expenses for a covered loss to common property which would fall to all unit owners. And while the state does not require this coverage, most condo associations do. Even though condo associations are required to carry insurance, Florida Statutes don’t require the association’s policy to include most fixtures and/or systems specific to your home.
What does that mean to me?
As a South Florida condo owner, you could be responsible for damage to and replacement of personal property, the condominium floors/walls, electrical fixtures and appliances, water heaters and filters, built in fixtures and window treatments. Not having an HO-6 policy could put you financially responsible for the above and more.
Additional Details can be found here.