Condo Insurance in Florida
Florida condominium units, because they are attached, will have a condominium association to preside over the insurance needs of the group as a whole. This is called a master policy, and each Tallahassee, FL master policy can be either what is referred to as 'all-in' or 'bare walls-in.'
Bare Walls-In Versus All-In Policies
A bare walls-in policy will cover what is known as common elements and limited common elements. Limited common elements refer to things like parking spaces, windows, balconies, and doors that are owned communally but whose access is limited to only one or a few of the unit owners. Common elements are areas that everyone has access to, like stairwells, courtyards, tennis courts, swimming pools, gymnasiums, lobbies, and building exteriors. A bare walls-in policy does not cover anything inside of your unit.
An all-in policy is going to cover all of the above, and it will include structural elements like the roof and walls of your unit. Also, it will take care of fixtures, such as cabinets, carpets, plumbing, electrical infrastructure, and all appliances. Each condominium owner will be responsible for paying a portion of the master policy price.
Requirements by Law
The state of Alabama requires condominium associations to purchase master policies, but Georgia and Florida do not. Lenders, however, will require you to insure the property, and as a result, your association will carry a master policy. Each unit owner can decide to purchase insurance to cover their possessions, as this is not covered by a master policy.
Kingdom Tree Insurance Agency Can Help You
The agents and friendly staff at Kingdom Tree Insurance Agency have experience serving the residents of Tallahassee, FL, George, and Alabama, and we can assist you with all your condominium, homeowners, and automobile insurance needs. We offer an easy rating tool on our site that you can use to find a fast quote for homeowners and automobile insurance, and we invite you to contact us to discuss all your other insurance requirements.