In Florida, a homeowner’s association provides a master policy for condo communities. The master policies provide coverage for common areas and the exterior of the condos. The condo owner is required to purchase their own policy to cover the rest of their property. A local insurance agency offers information about Condo Insurance in Bradenton FL.
Interior Spaces in the Condo
The interior spaces in the condo are covered by the owner’s policy. The walls, ceilings, roof, and flooring are covered. The policy offers payment for repairs and replacement of damaged building materials and fixtures. The property damage requires the owner to file a claim to report damage and collect the funds.
Personal Belongings of the Condo Owner
All personal belongings of the condo owners are covered by the policies, too. All electronics, appliances, and clothing are included in the coverage. The owner receives the true replacement value of items such as appliances and electronics. The true replacement value is the cost of replacing the exact model owned by the condo owner. Any items that are of a high value are covered by a rider that is added to the policy.
Coverage for Common Liabilities
Common liabilities are included in the coverage, too. The liabilities include potential personal injuries that could occur in the property. The coverage applies to pet-related attacks or slip and fall accidents. The coverage provides a payment for the victim’s medical expenses and helps compensate them for their losses.
Temporary Living Expenses
Temporary living expenses are provided when the property is damaged, and the owner must vacate their home. The funds offer enough money to cover the cost of a temporary home such as a hotel room or apartment. The condo owner also receives funds to cover the cost of food and necessities.
In Florida, condo owners must purchase an insurance policy to cover the interior spaces inside of the condo. The homeowner’s association offers a master policy to cover the exterior of the condo and all shared spaces used by all residents. The policy also pays for personal belongings and offers temporary living expenses. Condo owners who need more info about Condo Insurance in Bradenton FL contact an agent now.
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