bigstock-South-Florida-Lowrise-Condos-2176539A Condominium Unit Owners insurance policy picks up coverage for a unit where the condominium association master policy leaves off.  An association typically insures the building and other common areas. As a condo unit owner, you are responsible for the interior of your individual unit. Every association’s insurance policy is different regarding what each unit owner is responsible for, so it is important to review your association master policy and condo by-laws carefully.

Lott & Gaylor has provided Condo Insurance to individuals and families in Fort Myers, Cape Coral, Naples and all of Southwest Florida for over three decades. Our insurance company’s understand the risks and have insurance products that are tailored to provide you excellent insurance coverage for your condo unit at prices that are very affordable.

In addition to a primary insurance policy tailor written for your condo unit, we also offer condo unit insurance for seasonal or secondary residences, time shares and vacation rentals. Call today and let our 30 years of experience to work for you.

Keep in mind that flood insurance is excluded under standard condo insurance (and renters insurance) policies.  If you live in one of the many flood prone regions and have a federally backed mortgage, chances are you are required to carry it. Ask your Lott & Gaylor representative about flood insurance through the National Flood Insurance Program (NFIP).

Your condo insurance policy, also known as a HO-6 is typically written on a special form or “all risk” basis. A special form policy insures against all perils unless they are specifically excluded in the policy.

Some of these excluded perils are:

  • Flood
  • Earth movement
  • Ordinance or law (some coverage may be provided in your policy)
  • Water damage (sudden and accidental water damage is automatically included)
  • Power failure
  • Neglect
  • War
  • Nuclear hazard
  • Intentional loss
  • Government action
  • Collapse (some coverage may be provided in your policy)
  • Mold, fungus, or wet Rot (some coverage may be provided in your policy)
  • Birds, vermin, rodents, or insects
  • Wear and tear, or deterioration

It’s important that you review your policy annually with your Lott & Gaylor representative to ensure that your possessions are adequately protected.

Liability features typically include:

  • Personal liability for you, your spouse, relatives living with you and persons under 21 in your care
  • Protection against claims you’re legally obligated to pay
  • Payment of the cost of defending claims against you
  • Pet Liability
  • Medical expenses of others
  • Accidental death benefits

Ask your Lott & Gaylor agent about these coverages to see if they are available or right for you.

A personal umbrella is a policy that primarily affords an additional layer of protection over your primary auto, boat and home, condo or renters insurance. The umbrella is typically sold in increments of one million dollars and the availability may be dependent upon the limit of underlying coverage.

In practice a true umbrella can actually become the primary source of coverage when there is no coverage on the underlying policy. These may include, but are not limited to:

  • Libel
  • Slander
  • False Arrest
  • Invasion of Privacy

Typically you need personal property and liability coverage for your condo unit. Within these broad categories are subsets of coverage that form a comprehensive protection plan and include the following:

This portion of the policy insures against losses to your real property, including alterations and special additions that you may be responsible for.

Be aware however that many improvements (i.e. fixtures & equipment) may be covered under your associations master property policy. You should always refer to your associations documents when determining responsibility.

This area of a condo insurance policy insures against losses to your units contents like furniture, electronics and clothing.

Additionally, this coverage may extend beyond your condo unit and cover your personal property when you are away from your condo.

In the event of a loss due to a covered peril that severely damages your unit, you may need a temporary place to stay while repairs are being made. This coverage provides a set monetary limit (dollar value) or be limited to your actual costs for a specified period of time.

This coverage may also provide for increases in cost to maintain your standard of living. This is an important limit that should be reviewed with your Lott & Gaylor representative annually to ensure adequate coverage.

Loss Assessment coverage is a coverage that is uniquely designed for unit owners that belong to condo associations. This portion of the policy is designed to pay for unforeseen assessments that your association may impose upon its members. The amount of coverage however must be determined by you, so it is vital that you speak with your Lott & Gaylor representative to ensure you are purchasing an appropriate amount of coverage.

Examples of reasons your association could assess you are:

  • Major windstorm damage to the association buildings that is not fully covered by the associations insurance.
  • An injury on the common association premises (i.e. Pool) that results in a court award higher than the limit of liability carried by the association.

Liability coverage protects you for claims or law suits in which others make against you or your resident family members. These claims or suits may be for bodily injury or property damage that may or may not have occurred at your condo.

In addition to any settlement costs that a court awards, this coverage also may pay for court fees and defense costs – even if the claims are merit-less.

It is important that you speak with your Lott & Gaylor representative and select a limit of liability high enough to protect your assets.

If you need more protection than your condo unit provides, we recommend that you consider a personal umbrella policy. This would provide an additional layer of coverage of not only your condo liability but your auto and boat as well.

This portion of the condo unit insurance policy pays medical expenses up to the specified policy limit for people who are accidentally injured on your premises or your activities.

Keep in mind however, Coverage F does not provide medical payments coverage for you or members of your family that live with you.