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Dune Lakes Insurance

12805 US Highway 98 E
Suite B201
Inlet Beach, FL 32461

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Condo Insurance in Florida

If you own a unit in a Santa Rosa Beach, FL condominium development or are considering purchasing one, you probably have some significant questions about insurance coverage. Condominium life is very different from a house or an apartment. With a Florida house, you would be solely responsible for insuring the yard as well as the structures. In apartment life, you generally just take out inexpensive renters insurance. But condos are different because you must insure the living space while the grounds are shared by everyone in the community. That can be a bit of a gray area in terms of liability. But at Dune Lakes Insurance, we have experience helping people select a policy that serves their unique needs.

Association Agreement

In Santa Rosa Beach, FL, like many places that have wonderful condominium communities, members have a shared responsibility to maintain and insure the grounds. Walkways, pools, and other community areas are generally paid for through an association fee. Your association agreement should highlight how things are managed. But in terms of insurance, key questions you may want answered are:

  • What is the association's insurance deductible?
  • Are you liable for injury or losses in any way?
  • Are you covered should you suffer a loss on the property?

The association's master policy should have detailed information and it's important you read and understand it. Depending upon the coverage, you may want tailor your individual policy to fill in any potential gaps.

Replacement Costs

One of the things that trip up many homeowners is knowing the difference between value and replacement costs. The value of your condo may be $100,000. However, rebuilding it to its current status may run as high as $150,000 when factoring today's building costs. There's generally a difference between value and replacement. In many ways, this issue parallels liability because you'll need to understand where the association's master policy ends and yours begins. Again, it's imperative that you tailor your policy to protect against any financial gap. We all know that Florida has its share of natural disasters.

Condominiums come with a unique set of insurance challenges. Fortunately, at Dune Lakes Insurance, our experienced professionals can help you to select a policy that serves your best interests. Feel free to schedule an appointment and sit down with one of our agents today.

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