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Condo vs. Homeowners’ Insurance

Condominiums are a popular housing options throughout South Florida and thousands of homeowners purchase a condo each year.  Buying a condo is similar to purchasing a home, allowing you the freedom of owning your own living space and most of the same responsibilities for damage that happens.  Condo and homeowners’ insurance policies in Florida share many similarities, but have several notable differences.

One of the primary differences between home and condo insurance revolves around how much of your residence you need to insure.  When you buy a home, you are responsible for the inside and outside of the property as well as the land it sits on.  When you purchase a condo, you are only generally responsible for the interior of the property.  The outside structure, the land, and the building common areas are generally jointly owned by you and the other condo dwellers.  These areas are usually insured through your homeowners associated (HOA).  Given the different responsibilities of condo and homeowners, it makes sense that your policy should be tailored to the type of property you own. 

Dwelling Coverage

Condo insurance policies will generally cover the amount you would need to rebuild solely the interior of your unit, which includes everything from the wall studs in.  Repairs to the exterior walls, outside of the building, elevators, hallways, and the like, if they are destroyed by a fire or other disaster, will come under the HOA coverage.  At times, your HOA insurance may even cover interior structures in your unit.  This could lessen the amount of coverage you need.  Be sure you review your HOA insurance carefully so that you obtain coverage that is the appropriate amount for your specific needs.

In contrast, homeowners insurance must cover the total cost of repairing the house and any other structures on the property including carports, fences, sheds, and the like.  The price to rebuild a home is generally higher than a condo, so homeowners may require additional coverage and it could come at a higher cost.

Liability Coverage

            Condo owners are responsible in the event visitors to the unit are injured or damage someone else’s property.  You will likely need personal liability coverage to protect you in these situations.  However, will not usually need personal injury protection for any claims involving building common areas as your HOA will cover any injuries that arise in these areas as well as pools that are a part of the condo.

Homeowners, like condo owners, can be liable for injuries that happen in the residence or property damage visitor’s cause.  Homeowners can also be liable for injuries that occur on the land surrounding the property, which is a common site for injuries.  Any pools or trampolines on the property will serve as additional potential sites for injuries and liability.  Given the numerous areas for visitors to be injured in a home, homeowners may require more liability coverage than the average condo owner.

Greenberg Stone and Urbano:  Over 130 Years of Collective Experience

If you need assistance with your homeowners’ or condo insurance matter, contact the Miami Homeowners’ Insurance Attorneys at Greenberg Stone and Urbano  We have over  130 collective years of experience representing policy holders across South Florida.  We have the experience and knowledge to provide you with top notch legal representation.  Our firm has received a coveted AV rating from Martindale Hubbell and the Miami Herald recognized us as a top firm in South Florida.   Allow our exceptional attorneys to provide you with superior legal services in the South Florida area.  Call us at (888) 499-9700 or (305) 595-2400 or visit our website to schedule your initial consultation.


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