20 Faulkner ST
New Smyrna Beach, FL 32168
386 295 4252
One of the key differences between home and condo ownership concerns how much of your residence you have to insure. Buying a home means you own and are responsible for the inside and outside of your place, including the land it sits on. Buying a condo, on the other hand, usually leaves you solely responsible for the interior of your place. The outside land, condo building structure, and building common areas are all typically insured by your Galt Ocean Condo association.
Typical condo policy coverage's
* Personal property- AKA contents, anything you can put in a moving van less kitchen appliances
* Dwelling - estimated cost to rebuild your condo, does not include drywalls.
* Personal Liability for property damage of or bodily injury to others
* Damage protection from dangers, such as fire, water, hurricane
* Additional Living Expenses - when you can not occupy your condo
* Loss Assessment - if your association assesses you for damage due to a covered risk that you have on your condo policy like hurricane, water and fire damage
Factors in condo premium determination
* Year Built of Condominium Building,number of stories and construction
* Estimated value of personal property
* Most recent wind mitigation inspection
* Square Feet under air conditioning
* Claim history
* Wind Mitigation Inspection Credits
* Security features of your condominium building(such as fire or burglar alarms)
Condo insurance liability, you could be held responsible if visitors in your condo are injured, you accidentally injure someone away from home, or you damage someone else's property. You need personal liability coverage to help you avoid paying out of pocket in these situations. However, you typically don't need liability protection for claims involving building common areas — if a visitor slips in the pool area or falls down in the lobby entrance, covered by association's policy.
Vacation Rental Insurance
Rented frequently condos are condos that have several tenants during the year or season need to have special coverage. Standard condo insurance generally prohibits more than an annual leased tenant. Do you have a condo that is rented like a hotel? Do you advertise your unit on line and book guests for short term stays? Contact us for a quote, get the right product for your condo now.