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Condo Owner's Insurance

What type of insurance do I need for a co-op or condo?

If you have purchased a condo or co-op, the bank will require insurance to protect its investment in your home. You may, however, need more insurance to cover your personal items, liability or fees that may be charged to you regarding shared areas of the building like the lobby.

You will need two separate policies to protect your investment:

Your own insurance policy

This provides coverage for your personal possessions, structural improvements to your apartment and additional living expenses if you are the victim of fire, theft or other disaster listed in your policy. You also get liability protection.

A “master policy” provided by the condo/co-op board

This covers the common areas you share with others in your building like the roof, basement, elevator, boiler and walkways for both liability and physical damage.

To adequately insure your apartment, it is important to know what structural parts of your home are covered by the condo/co-op association and what are not. You can do this by reading your association’s bylaws and/or proprietary lease. If you have questions, talk to your condo association, contact us or family attorney.

Sometimes the association is responsible for insuring the individual condo or co-op units, as they were originally built, including standard fixtures. The individual owner, in this case, is only responsible for alterations to the original structure of the apartment, like remodeling the kitchen or bathtub. Sometimes this includes not only improvements you make, but those made by previous owners.

In other situations, the condo/co-op association is responsible only for insuring the bare walls, floor and ceiling. The owner must insure kitchen cabinets, built-in appliances, plumbing, wiring, bathroom fixtures etc.
Also ask us about the following additional coverages:
Unit assessment

This reimburses you for your share of an assessment charged to all unit owners as a result of a covered loss. For instance, if there is a fire in the lobby, all the unit owners are charged the cost of repairing the loss.
Water back-up

This insures your property for damage by the back-up of sewers or drains. Water back-up may not always be included in a policy. Check to see that it is included

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Office Locations: 
Kendall

12001 SW 128th Ct.
Suite 104
Miami FL 33186


(T) 305.253.4424
quotes@fibrokers.com



Blue Lagoon
Corporate Headquarters
5805 Blue Lagoon Drive
Suite No. 400
Miami, FL 33126


(T) 305.441.9932
Toll Free: 1-866-552-9846

quotes@fibrokers.com

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Kendall 12001 SW 128th Ct. Suite 104. Miami FL 33186 (T) 305.441.9932
Blue Lagoon Corporate Headquarters 5805 Blue Lagoon Drive, Suite No. 400, Miami, FL 33126 (T) 305.441.9932 | Toll Free: 1-866-552-9846