What's the Difference Between Condo and Homeowners Insurance in Florida?

Bridget Hinckley, Owner / Agent

A Univeristy of Flordia, School of Business graduate, Bridget has been in the insurance industry her entire life. First working for two large national carriers in underwriting and then her family's Independent Agency, before going out on her own to found Hinckley Insurance.

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Condo insurance and homeowners insurance in Florida serve different purposes and cover different aspects of property ownership. Here's a breakdown of the key differences between the two:

Condo Insurance

Coverage Scope: Condo insurance, also known as HO-6 insurance, is specifically designed for condo unit owners. It typically covers the interior of your condo unit, personal property, and liability protection. It does not cover the entire building or its structure, as that is usually covered by the condominium association's master policy.

Dwelling Coverage: This covers the interior of your unit, the buildout. The master association will rebuild you to the studs or drywall and your own policy is responsible for things like flooring, cabinets, light fixtures, bathrooms, kitchens etc.

Personal Property: Condo insurance covers your personal belongings, such as furniture, electronics, and clothing, against perils like theft, fire, or vandalism. You can choose the coverage amount based on the value of your possessions.

Liability Protection: It offers liability coverage if you are found responsible for injuring someone or causing damage to their property while inside your condo unit. A common liability claim is water leaking from one unit to the next.

Loss Assessment Coverage: This optional coverage may help pay for your share of special assessments by the condo association, such as repair costs for common areas, that exceed the association's master policy coverage limits.

Homeowners Insurance

Coverage Scope: Homeowners insurance, often referred to as HO-3 insurance, is designed for single-family homes, including detached houses. It offers broader coverage compared to condo insurance.

Dwelling Coverage: Homeowners insurance covers both the structure of your home and any attached structures (like a garage).

Personal Property: Like condo insurance, homeowners insurance covers personal property against various perils. It can also provide additional coverage for high-value items like jewelry or art when scheduled on the policy.

Liability Protection: It covers injuries or property damage that occur on your property or as a result of your actions, both on and off your property.

Other Structures: In addition to your main dwelling, homeowners insurance may cover other structures on your property, such as sheds or fences or detached garages.

Loss of Use: If your home becomes uninhabitable due to a covered event (e.g., fire or storm damage), homeowners insurance can help pay for temporary living expenses while your home is being repaired or rebuilt.

In summary, the main difference between condo insurance and homeowners insurance in Florida lies in the scope of coverage. Condo insurance is tailored for condo unit owners and primarily covers the interior of their units, personal property, and liability. Homeowners insurance, on the other hand, is designed for single-family homes and provides more extensive coverage, including the entire dwelling, personal property, and liability, as well as coverage for other structures and additional living expenses. It's important for property owners to understand the specific insurance needs based on their type of property ownership.

Call Bridget at Hinckley Insurance to Explore your Options 561-220-5974