Get a full analysis of Florida condo insurance costs, coverage, companies, & requirements.
Written by Christine Lacagnina
Written by Christine LacagninaChristine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Updated сентября 26, 2023
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Florida is filled with condominiums. Condos have different exposures than single-family homes or even apartments, so they need a special kind of protection. If you're among the many condominium owners in the Sunshine State, you'll need condo insurance, which is also known as HO-6 insurance.
An independent insurance agent in Florida can help you find the best condo insurance policy to meet your coverage and budget needs. These agents can work with several different insurance providers to ensure that you get the right policy at the best possible price. But first, here's an overview of condo insurance in Florida.
Condo insurance is available from many different carriers in Florida. However, only a few companies offer the best blend of overall coverage and cost.
When you're ready to get set up with the right condo insurance in Florida, you won't want to waste time weeding through the pack. That's why we put together this list of the best condo insurance companies in Florida for you.
An independent insurance agent in Florida can help you find the right condo insurance from one of these top-rated carriers.
Condo insurance in Florida is designed to cover your personal property or contents, your personal liability, medical payments, loss of use, and more. Your personal property can be repaired or replaced if it gets stolen, lost, damaged, or destroyed by a covered disaster like fire or vandalism.
Condo insurance also provides coverage for damage to the dwelling or structure of the unit and protection against lawsuits filed against you by guests and other third parties. Here are some of the standard coverages often found in Florida condo insurance:
A Florida independent insurance agent can help you get equipped with all the types of condo insurance you need in your policy.
You might still need to add more coverage to your condo insurance beyond what's typically included in standard policies. Having additional coverage for valuable items, for example, can greatly benefit you if a disaster destroys your personal property that would otherwise exceed your policy's limits. You might also want protection against natural flooding incidents that would typically be excluded by condo insurance. Just a few of the most commonly added coverages under Florida condo insurance are:
Your Florida independent insurance agent can help you add any extra coverages you need to complete your condo insurance policy.
Your condo's homeowners association (HOA) master policy is already in place before you move in to provide some coverage for your unit. This insurance is designed to cover the following:
Not all HOA master policies cover the same elements, so be sure to find out how much of your specific unit is covered. You can then buy a condo insurance policy that will supplement the HOA master policy's coverage.
Here are the three types of HOA master policies to be aware of:
A local Florida independent insurance agent can help you review your HOA's master policy so you can be sure to get enough condo insurance to supplement it appropriately.
Condo insurance basically provides walls-in coverage for the property in your condominium. The outside structure, including the roof, siding, and often even the windows, is covered by your HOA master policy.
The contents coverage in your condo insurance policy is designed to cover the cost of repairing or replacing your belongings if they get lost or damaged due to a covered event. Examples of covered events include:
You'll need to make sure your contents' coverage limits are high enough to fully replace your belongings if they get destroyed in a disaster like a fire. If you own any particularly expensive property, you may need additional endorsements or riders to get full coverage.
Your condo insurance policy won't cover anything that's already covered by your HOA’s master policy. This shouldn't be a problem since both policies are ultimately protecting you.
Also, as with any home insurance policy, condo insurance excludes coverage for damage caused by floods. The risk of flooding disasters is very high in many parts of Florida, so make sure you have all the coverage you need.
If your condo unit is on the second floor or higher, you're likely safe from losing personal property to flood damage. But if you have a ground-floor condo or townhouse, you can get the protection you need against flood damage by supplementing your condo insurance with a flood insurance policy.
Condo insurance is more affordable than traditional homeowners insurance. Lower rates are possible because your condo insurance policy doesn't need to cover the structure of the building or common areas you use. Here's a comparison of the average cost of homeowners insurance vs. condo insurance in Florida:
Working together with an independent insurance agent in Florida can help you get the best rate for your condominium or townhouse insurance coverage. These agents can easily compare a few quotes from different carriers for you before you choose a policy. Florida independent insurance agents make comparison shopping easy.
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Our independent agents shop around to find you the best coverage.
Several different factors influence the cost of condo insurance in Florida. Your exact location in the state and that area's risk of storm damage or crime plays a major role. So does the age of the building you move into, the deductible amount you choose, and your claims history.
Here are several common factors that can influence the cost of condo insurance in Florida.
A Florida independent insurance agent can help you find the most affordable condo insurance in your area.
Condo insurance rates vary by which Florida county you live in. You could have the exact same coverage in two different counties, but the price of each policy could be completely different just in relation to the area. Here are some Florida counties and the average cost of condo insurance in each one.
| Florida County | Average Cost of Condo Insurance Per Year |
|---|---|
| Broward County | $1,346 |
| Duval County | $812 |
| Hillsborough County | $1,066 |
| Miami-Dade County | $2,146 |
| Orange County | $890 |
| Palm Beach County | $1,668 |
| Pinellas County | $1,133 |
Saving money on condo insurance in Florida is possible when you apply discounts. Depending on the carrier you go through, you may find different discount options than you would from another insurance company.
Here are some of the most common condo insurance discounts you can expect to find from many carriers in Florida:
A Florida independent insurance agent can automatically find and apply any discounts you qualify for on condo insurance to your policy to reduce your rates as much as possible.
When you're looking for the right condo insurance policy to meet your coverage and budget needs, start contacting a local independent insurance agent in Florida. Because these agents aren't captive to just one insurance company, they can obtain quotes from several different insurance providers. They can compare coverage and rates for you and select the policy that offers the best value for your money.
There are thousands of independent insurance agencies located throughout Florida. Find an independent insurance agent near you today to start comparing customized condo insurance quotes.
Florida condo insurance covers the items listed in your specific policy. But most condo insurance policies include coverage for your personal belongings, the structural elements of your unit, your personal liability, and more.
You'll need to get the amount of condo insurance required by your landlord or homeowners association. However, the state of Florida requires all condo tenants to have at least $2,000 of loss assessment coverage in their policies. Other amounts and requirements may vary by location.
The average cost of condo insurance in Florida is $1,457 per year or about $121.42 per month. A Florida independent insurance agent can help you find the cheapest coverage near you.
Our research found that the best and cheapest condo insurance company in Florida is Cypress, which offers policies at an average of $96 per month or $1,152 per year. Cypress is also rated "A" for financial strength by Demotech.
Your Florida condo insurance includes liability coverage. This is designed to cover you and anyone else in your household if you or they accidentally cause bodily injuries or personal property damage to someone else. Examples of covered incidents include if someone gets injured in your home that can be attributed to negligence, such as if your dog bites a neighbor, or claims against you of libel or slander. Your condo liability insurance can cover your legal fees, court costs, settlements, judgments, and other expenses related to these incidents and many more.
Yes, Florida independent insurance agents are available to help you find the right condo insurance policy. They can shop and compare coverage options from several different local carriers for you. They'll present you with only the results that offer the best blend of coverage and cost for Florida condo insurance.
