Condominium associations can find protection from risks through insurance programs for Florida condos. General liability insures pays for the cost of injuries or property damage which occur on the property. Property insurance usually covers the building and anything permanently attached to the building. It may also cover outbuildings and structures. This is a separate coverage from personal property insurance which is obtained by tenants and covers the contents of their units. Additional living expenses insurance is often included to cover costs of temporary housing when the building has suffered damage. Many insurance programs for Florida condos can be customized to the unique needs of the condo association.
Condo insurance does have some exclusions which require additional coverage. Hurricane insurance is generally excluded from regular policy coverage in Florida but can be purchased as an additional coverage. Flood coverage is also generally a separate coverage. Flood insurance is often provided through a separate government program, called the National Flood Insurance Program. Most basic policies have limits which may not cover all or most of the financial damages for which a condo association might be liable. An umbrella policy to raise the limits of these coverages can be purchased through most insurance providers. A professional insurance agent can advise your condo association on all insurance programs for Florida condos in your area.