HO6 Insurance In Florida

An HO-6 insurance policy, also known as condo insurance, is designed specifically for condominium or co-op unit owners. In Florida, where condos are a popular form of homeownership, an HO-6 policy is a critical component of protecting your property and your financial security.   

How HO-6 Insurance Works in Florida

The core purpose of an HO-6 policy is to bridge the gap between what your condo association’s master insurance policy covers and what you are responsible for as an individual unit owner.   

A condo association’s master policy typically covers the shared areas and the building’s exterior, but the extent of its coverage can vary. There are three main types of master policies:   

• Bare Walls-In: The master policy only covers the building’s structure and common areas. As a unit owner, you are responsible for everything from the drywall inward, including the interior walls, fixtures, flooring, cabinetry, appliances, and all your personal belongings.   
• Single-Entity: This policy covers the building’s structure, common areas, and most of the original fixtures and finishes within your unit. You are generally responsible for any upgrades or improvements you’ve made and your personal belongings.   
• All-In: This is the most comprehensive master policy. It covers the building, common areas, and all fixtures, including any improvements you’ve made. Your main responsibility is to insure your personal belongings.   

Because Florida law and condo association bylaws can be complex, it’s essential to understand the type of master policy your association has. This will determine how much dwelling coverage you need on your HO-6 policy.   

Key Coverages of an HO-6 Policy

An HO-6 policy typically includes several important coverages:   

• Dwelling/Unit Coverage (Coverage A): This covers the interior structure of your condo, including the walls, floors, ceilings, cabinets, built-in appliances, and fixtures. The amount of coverage you need depends on your association’s master policy.   
• Personal Property Coverage (Coverage C): This protects your personal belongings, such as furniture, electronics, clothing, and other possessions. Many HO-6 policies in Florida offer replacement cost value (RCV), which pays to replace your belongings with new ones without a deduction for depreciation.   
• Personal Liability: This is a crucial coverage that protects you if you are found legally responsible for bodily injury or property damage to others. For example, if a guest is injured while visiting your condo or if a water leak from your unit damages a neighbor’s property, your liability coverage would pay for legal fees, medical expenses, and any judgments.   
• Loss of Use (Additional Living Expenses): If a covered event (like a fire or a hurricane) makes your condo uninhabitable, this coverage pays for a hotel, temporary housing, and other essential living expenses while your unit is being repaired.   
• Loss Assessment Coverage: If the condo association’s master policy is insufficient to cover a major loss (e.g., a hurricane damages the roof and the repair cost exceeds the master policy’s limit), the association can levy an assessment on all unit owners to cover the difference. This coverage helps pay for your share of that assessment. In Florida, where property damage from storms can be extensive, this coverage is vital.

Average Cost of HO-6 Insurance in Florida

Due to the high risk of severe weather, the cost of condo insurance in Florida is significantly higher than the national average. Average premiums can vary widely based on your location (coastal vs. inland), the age and construction of the building, your specific coverage limits, and the deductible you choose. For example, the average annual premium in Homestead, Florida, is approximately $2,510, which is considerably higher than the statewide average.   

Special Considerations for Florida Condo Owners

• Hurricane Deductible: Many Florida HO-6 policies have a separate, often higher, deductible for damage caused by hurricanes. This is typically a percentage of your dwelling coverage (e.g., 2% to 10%).
• Flood Insurance: Standard HO-6 policies do not cover flood damage. Given Florida’s risk for coastal and inland flooding, a separate flood insurance policy through the National Flood Insurance Program (NFIP) is highly recommended.   
• Unit-Specific Regulations: Review your condo association’s bylaws to understand their specific insurance requirements and what you are responsible for insuring.

We Insure all counties Escambia, Santa Rosa, Okaloosa, Walton, Bay, Gulf, Franklin, Wakulla, Jefferson, Taylor, Dixie, Levy, Citrus, Hernando, Pasco, Pinellas, Hillsborough, Manatee, Sarasota, Charlotte, Lee, Collier, Monroe, Miami-Dade, Broward, Palm Beach, Martin, St. Lucie, Indian River, Brevard, Volusia, Flagler, St. Johns, Duval, and Nassau.

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