Saving Money on Your Condo Insurance!
As an agent who has insured over 3500 condos in the past 10 years, I’m going to let you in on a few of my secrets to getting my clients the best price.
But, before we get into saving you money (something I love to do) we have to make sure you understand how a Standardized Florida Condo Insurance works.
Officially it’s called an “HO-6” policy. It insures your condo from the “Drywall…IN”.
So, we’ll start by talking about these items which will be covered under the Section called Coverage A – DWELLING:
Kitchen: Including the appliances like refrigerator, stove, dishwasher, lighting, etc.
Bathrooms: Tub, sink, cabinets.
Floor treatments, wall treatments, window treatments, interior walls, washer/dryer (If you have your own), air conditioning handler.
Now, here’s where it gets tricky…the benefit for the Dwelling Coverage is a PER CLAIM benefit…PER CLAIM…so if you purchased a $70,000 Coverage A Benefit that would mean that JUST FOR THE STRUCTURE…you would have $70,000 to cover each loss. Think about that…$70,000…for PER CLAIM!!! What could happen to cause more damage than $70,000 per claim???
I rarely recommend more than the $70,000 unless there is something like an elevator in YOUR apartment. I have insured quite a few condos that have had a $45,000 elevator and they needed to be handled differently than the ones without one. But, whatever or however your condo is built I will be able to guide you to the right amount of coverage for you.
Now, let’s talk about your STUFF…in your policy it will be referred to as:
Coverage C – Personal Property: it includes furniture, clothes, TVs, computers, silverware, dishes, etc. Note: High-priced art and jewelry are covered in an HO-6 but only up to $1000 per claim. If you have “Pricey” art or jewelry we carry a number of separate options for them. This coverage is usually something the client chooses. Most companies offer a minimum of $25,000 in contents coverage to $200,000. Of course, I can help guide you to the correct amount.
Coverage D – Loss of Use: In a situation where there is too much damage in your condo for you to safely live in it, this benefit will provide money for you to rent while the damage is repaired.
Coverage E – Personal Liability: Your friend slips and falls and decides to sue you. This benefit can cover that situation.
Coverage F – Medical Payments to Others: Your friend slips and falls in your apartment. This benefit can be used to reimburse his or her medical bills.
Additional Benefits – To Be Considered
Unit Owners Coverage A Special Coverage: I call this leak coverage. If the person above you has a leak…the water can only go in one direction…DOWN. Or, if you have leak and the water damages the person below or to your side…this benefit should cover that situation. This is a very important benefit. We’ve filed quite a few claims that got paid through it.
Mold/Fungi: the Standard Florida HO-6 policy requires $10,000 in MOLD Coverage. If your condo was built before 2010 I highly recommend that you Increase that coverage to $25,000. It might cost around $75 per year for it but it is worth it. Another VERY IMPORTANT benefit.
If you need more help in deciding how high or low your benefits should be, fell free to give me a call. I can help walk you through it.
NOW…how do we save you money???
- Make sure you have a Current Wind Mitigation Inspection. This is a roof-only inspection that tells the insurance company when and how your roof was put on. The newer and stronger the roof the LOWER your price. BTW…it does not matter that you are not covering the roof—you need this inspection to save money.
- Find out if your community has a monitored burglar and/or fire alarms. These are good discounts. Does your condo have fire sprinklers INSIDE your apartment…if so…BIG discount.
- Work with an agent who can offer more than one or two companies. When you are working as agent with over 15 different companies you can see a HUGE range of prices for these products and it can save you thousands of dollars each year. Most agents only have two or three companies to offer you…which could cost you a lot money. I’ll be shopping your policy to numerous companies to see who will give us the best offer.
- Don’t OVERINSURE. I see this all the time. A client shows me what they have and I ask “How did you determine these coverages?” They usually tell me that they have no idea and their agent did not offer a lot of guidance. Most agents don’t care if you over insure. They just make more money…Remember…the more you spend the more they make.
- Work with ME. NOT KIDDING HERE!!! I will do everything in my power to get you the best policy, with the best company at the best price!!
Call me today for a free consultation and we’ll see just how much we can save you.