New Florida Condo Owners Insurance Policy?
All condo owners are required to have their own home owners insurance policy. After paying my mortgage,and association dues,as a single parent with one income,I have no money left for this additional expense. What must I do?
home insurance covers lots of different things. I’m not familiar with the Florida laws and regulations, so I suggest you call a nearby homeowners insurance agent. http://www.easyhomeinsuranceguide.com/Florida-Home-Insurance.html They will be able to help you.
Depending on how near the coast you are, you may be required, by your association, to get two insurance policies -
1) Is a standard "condo" policy which would cover your belongings (and liability) for theft, fire, etc., etc.
2) You may also need a policy from the wind pool (I can’t remember the name right now), this will cover your damage from hurricanes and windstorms.
The underlying issue here is if you have no money, then you have no money left. One way to lower the expense would be to get policies with a very, very high deductible – this would give you the proof of insurance your association requires, but would be inexpensive due to the limited coverage it provides.
References :
Insurance Adjuster
Sell your condo?
Who is requiring you to have it? Your lender? If so, you’ll have to sell. If it’s the association, you can probably get away without having it – but if the unit above you has a toilet leak, NO ONE will pay to get YOUR unit fixed. That’s what the condo policy is for, and you won’t have it.
References :
Home insurance covers lots of different things. I’m not familiar with the Florida laws and regulations, so I suggest you call a nearby homeowners insurance agent. http://www.easyhomeinsuranceguide.com/Florida-Home-Insurance.html They will be able to help you.
References :
There is a new law going into effect as of 1/1/09 that condo owners/ town home owners will be required to carry insurance and if insurance is not obtained the condo association may purchase the insurance on your behalf and bill you for it.
Your condo association is the only one who can enforce this new law because there is no government division overseeing this new law. If you association is not going to enforce the new law, you may be ok.
References :
I think this is a good law which will protect others from damages caused by people with no insurance. Best place to get a free quick quote is: http://www.FLCondoInsurance.com
References :
http://www.FLCondoInsurance.com