Condominium Owners Insurance
Condo ownership offers many benefits and conveniences. Unfortunately, it also presents unique insurance challenges.
ISS offers insurance products that will help reduce your risk of financial loss.
The Florida Condominium Unit Policy
This policy provides protection against a wide range of hazards for personal property both at and away from the condominium unit. This includes additions and alterations to the unit and liability protection against injuries (or damage) to others that may occur within the unit or as a result of personal activities away from the unit.
Personal Property Policy
The condominium unit owners policy covers personal property (clothing, furniture and other property which is not “additions and alterations”) against many perils, including fire, windstorm, vandalism, and theft anywhere in the world. It is the unit owner’s responsibility to establish the desired amount of coverage.
Unit Owner’s Additions and Alterations Policy
“Additions and alterations” differ from personal property in that they are types of property which are permanently attached to the condo. Examples include floor, wall and ceiling coverings, built in cabinets and appliances, air conditioner/heating equipment, water heaters, tile, light fixtures and plumbing fixtures.
Loss of Use
The condominium unit owner’s policy covers additional living costs incurred while the unit is uninhabitable due to damage to the unit or building from an insured peril.
Personal Liability and Medical
The condominium unit owner’s policy includes protection against claims for bodily injuries and damage to the property of others that may arise within the unit or as a result of personal activity away from the unit.
Loss Assessment Coverage
This coverage reimburses unit owners for assessments arising from:
1. Property losses covered by a peril insured under their own unit owners policies.
2. Liability losses covered under their own unit owners policies.
3. Directors and Officers claims arising from acts of elected directors, officers or trustees serving without income.
Other types of insurance may be appropriate
This page briefly describes the condominium unit owners policy and principal options. You may also want to consider automobile, life, flood, umbrella, long term care, health insurance and more.