Condo Insurance 101: What to Know When Insuring

Waterfront Condos in Key Colony

Insuring your waterfront condo in Key

Colony Key Biscayne is far different from

insuring a typical single family home. A

residential homeowner is responsible for

the whole home (inside and outside) and

the land it sits on while condo owners are

normally responsible for insuring just a

portion of their property on their own.

Before applying for condoinsurance, here are someimportant components youneed to know.

Master Policy

Part of the monthly dues you pay goes toward

ensuring against physical damages on your

building’s common areas - hallways,

landscaping, community facilities, roof and

exterior structure, etc - as well as personal

liabilities claims caused by accidents in these

areas. These are covered by the master policy.

Master Policy

There are two types of master policy:bare walls-in and all-in.

Master Policy

● The bare walls-in policy provides coverage from the

exterior walls in. However, it doesn't cover fixtures

and installations within your condo unit.

● The all-in condo insurance policy provides a greater

level of interior coverage including installation and

fixtures but may not cover upgrades and

improvements made to the property.

Master Policy

Understanding what the HOA master policy covers

is very important if you’re planning to get an

insurance coverage for your unit and belongings. If

your HOA master policy is a bare walls-in variety,

consider getting a more comprehensive insurance

coverage since everything within your unit is your

sole responsibility.

Association Deductibles

Finding out how much your condo’sassociation deductible is and the number ofowners who share that deductible is alsoimportant. In an event of an insurance claimthrough the master policy, all the condoowners are expected to equally share in thecost of the deductible for that claim.

Association Deductibles

For example, a strong typhoon that

caused damage to the condo community’s

buildings and the insurance master

policy has a 10,000 deductible, and the

said amount will be divided among the

total number of owners in the building.

HO-6 Policy

Having everything within the four walls of your Key

Biscayne waterfront condo insured falls under your

responsibility. An HO-6 policy benefits include

coverage for damages to your interior walls, drywall,

wallpaper, carpeting and even personal property. It

can fill in the gaps of the master insurance policy and

cover losses under master policy deductibles.

It is also advisable to have yourvaluable possessions such as jewelryor art collections itemized andappraised so you can gauge howmuch coverage you need and ifthere’s a need for an additionalcoverage.

Having a condo insurance is vital in

protecting your interests and

possessions. However, it’s important to

note that rules differ from complex to

complex, and it's crucial to understand

HOA’s master policy to make sure you’ll

be fully protected but not overly insured.

Contact a trusted insurance professional

in the Key Biscayne area to learn more

about condominium insurance. You can

also visit www.MiamiRivieraHomes.com

if you’re interested to know more about

the gorgeous Key Colony Key Biscayne

beachfront condos.

If you or someone you know needshelp in finding the perfect KeyColony Key Biscayne oceanfront

condo call me, Alicia Ale at 305-586-4160. I will help you find the

one that suits you best!