Best Condo Insurance in Florida (2024)

Florida homeowners have seen insurance prices soar in recent years as insurance companies have folded or pulled out of the state due to the weight of claims caused by multiple catastrophic weather events.

High levels of insurance fraud by contractors and excessive legal costs have also contributed to what the Insurance Information Institute (Triple-I) calls an “insurance crisis” in the Sunshine State.^[1]

But Florida has also earmarked $1 billion to help insurance companies pay future hurricane claims and hopefully slow rising costs. It has also closed legal loopholes that exposed insurance companies to excessive expenses and promoted fraud by contractors.

Here are some other things you need to know about getting condo insurance in this complex market.

What condo insurance covers in Florida

Condo insurance provides liability and personal property protection for covered emergencies occurring in or to your unit and your belongings.

The liability portion covers your legal expenses if someone sues you after suffering an injury or property damage while in your unit. It may also reimburse their medical bills.^[2]

Condo policies also provide wall-to-wall dwelling coverage in the event of a covered loss. In addition, condo insurance usually covers living expenses if the damage is so severe that you have to live elsewhere while the unit is being repaired or rebuilt.

It’s also important to note that your homeowners condo insurance is separate from your condominium association’s master insurance policy.

Florida law doesn’t require condo owners to carry condo insurance, but your condo association might. If you have a loan on your unit, your mortgage lender will require you to carry condo insurance.

The specific coverages you need depend on your financial situation, the value of your belongings, and the types of coverage — if any — offered by the association’s master policy that protects your unit.

This table shows the types of coverage condo insurance policies typically offer.

How much condo insurance do you need in Florida?

Generally speaking, you’ll want enough liability coverage to protect your assets in case someone sues you. You’ll also want enough coverage for your condo and belongings to ensure that you can repair your home and repair or replace belongings that are important to you.

Remember that your condo or homeowners association master policy covers the condo building(s) and other common areas. You’re only responsible for your unit’s interior and, perhaps, any infrastructure that primarily benefits your unit.

It’s always a good idea to get clarification from your condo association about the master policy’s coverages and how they might affect your insurance needs.

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Optional condo insurance coverages to consider

Standard coverage doesn’t always provide all the protection you need. Fortunately, additional coverage options are available to fill gaps and let you customize your policy.  

Common optional coverages you could consider include:

• 

  Loss assessment coverage

  Loss assessment coverage helps offset assessment increases imposed to cover the cost of damage to common areas.

• 

  Scheduled personal property coverage

  This increases the coverage limit for valuable personal belongings, such as art, jewelry, and collectibles.

• 

  Animal liability

  Animal liability covers injuries and damage to other people and their property caused by your pets. Insurers often don’t include animal liability coverage with your personal liability coverage, according to the Florida Department of Insurance.

• 

  Flood insurance

  Mandatory in some areas, flood insurance provides important protection even if not required by law. Most Floridians purchase policies underwritten by the National Flood Insurance Program, but policies are also available through some private insurance brokers.

Does condo insurance cover hurricane damage?

Your condo insurance covers damage from hurricane winds and rain but not from flooding.

Some policies have a separate deductible for hurricanes. It remains in effect for 72 hours after the last hurricane warning or watch issued by the National Hurricane Center for any part of Florida. If your policy has this clause, it’s the only deductible that applies to any claim you file because of storm damage.

What’s not covered by condo insurance?

Condo insurance specifically excludes some perils. Floods are the most notable ones, even if they happen during a covered event like a hurricane. Here are a few more:

• Injuries and property damage you cause intentionally

• Earthquakes

• Sinkholes

• Sewer line backup

• Damage from wood-boring insects

• Normal wear

• Structures other than your dwelling

The best Florida condo insurance companies

Insuring your Florida condo can be more complicated than insuring a condo located in another state. One reason is fast-rising costs. Another is that many Florida homeowners insurance companies are insolvent or have stopped writing new policies.

Fortunately, a handful of major insurers still have a presence in Florida, including the three that follow.

Allstate: Best for comprehensive coverage

Progressive: Best for insurance discounts

State Farm: Best for short-term rental owners

How insurers calculate condo insurance rates

Insurance companies consider many factors when calculating your condominium insurance rates, and they’re all based on risk. Location is a major factor because it determines how susceptible your condo is to crime, catastrophic weather, and other perils. Coastal properties are especially vulnerable to severe weather, which is one reason Florida’s rates are high.

Insurers also look at your:

• Claim history: If you’ve filed claims in the past, you might be more likely to file future claims, which could increase your rates. The number of local claims from other homeowners in your area can also affect rates.

• Coverages: The amount of standard and optional coverages you have determines how much an insurance company might have to pay out on a claim. Potentially higher claims mean potentially higher rates.

• Safety features: Insurers look at whether you have security systems, fire safety equipment, storm shutters, and other risk-reducing improvements installed. Such equipment protects your condo from damage and can lower your rate.

• Cost to repair or rebuild: Although your condo’s master plan covers the building, expensive materials in your unit could drive up your rates.

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What to know if you’re renting a condo

Unit owners’ homeowners insurance doesn’t cover tenants’ belongings, so if you rent, you’ll need your own insurance policy.

Renters insurance pays to repair or replace your personal property if it has damage from a covered peril such as fire or theft. This is true even if you store your items elsewhere, like in a storage unit. It also covers your basic living expenses if you have to move out of the home while it undergoes repairs for a covered emergency.

Even if you don’t have a lot of belongings, you can benefit from the liability coverage renters insurance policies offer. If someone hurts themselves while in your unit or suffers property damage and sues you, liability insurance can help cover the costs.

Florida condo insurance FAQs