218 Commercial Blvd, Suite 217
Lauderdale by the Sea, FL 33308
954 492 5592
Here in Lauderdale by the Sea we have most condos along AIA or Ocean Blvd. From high rise to low rise buildings to many units to just a few units in each building. Construction varies with high rise building of 5 stories or more having a reinforced concrete roof deck (rcd) to low rise with typical truss system and plywood decking. Construction features are rated in determining your condo insurance premium. Reinforced concrete deck being the best rated and lower premiums, even though you do not own the roof or may be near the roof it is included in your premium determination. The rcd system also allows you to gain superior construction and higher windstorm mitigation credits to keep your premium relatively lower than non rcd systems.
Condo Unit Owners or HO-6: Written for the primary residence, secondary, seasonal or tenant occupied, this is the most common of homeowners policies and is designed to cover all aspects of the condo: the interior air space, contents (personal property). There are generally other coverage's built in to the policy and the premiums are usually based on several factors. The costs are determined by such factors as the age of the condo, square feet under air, counter, flooring, improvements and/or updates to the condominium.
Dwelling coverage - or coverage A, based upon the estimated replacement cost based upon the square feet under air conditioning. Flooring types, counter top materials and other details all figure in to this calculation. The Dwelling limits are not arbitrary they are calculated. You must maintain 100% of the replacement value estimate to avoid a co-insurance penalty in the event of a claim. Being under the 100% rule places you in an underinsured position and thus compromising your ability to gain full recovery of a claim. Focus on what your limits are to determine if you have good coverage, not just the premium ! Dwelling RCD does not include personal property. Wall to wall carpet, area rugs are not dwelling considerations. Kitchen appliances are dwelling. Your drywall is by law common property or condo association's responsibility. Commonly misunderstood is any damage to your drywall is covered by you condo unit owner's policy - it is never covered.
Personal property , also known as "contents" or Coverage C. Anything you can place in a moving van or take with you are contents less kitchen applainces, which are under dwelling limts. Beds, TV's, furniture, linens, clothes, tables, couches,chairs etc. are included.
n the unfortunate event that you or your tenant were temporarily unable to live in your Lauderdale by the Sea condo due to an incident, how much money would that cost? Depending on how long you had to wait while your condo is being rebuilt or repaired, the total cost could really add up. That’s where loss of use coverage applies. Also referred to as additional expenses insurance or part D coverage, loss of use homeowners insurance covers living expenses that you incur if your home is deemed uninhabitable as the result of a covered peril.
Personal liability occurs in the event an accident, in or out of your home, that results in bodily injury or property damage that you are held legally responsible for. Personal liability claims could include medical bills, legal fees and more if a guest is injured on your property, as well as coverage for accidental damage you are legally responsible for on someone else’s property. If you have personal liability coverage, you may be able to avoid paying out of pocket for incidents like these, up to your coverage limits. That’s why personal liability coverage is an important component of your condominium insurance. This comes automatically with your condo insurance if owned/occupied by an individual or trust, special rules apply when owned by an LLC or corporation. Usual limits are $100,000 or $300,000.