I recently purchased an ocean front condominium why do I need to buy insurance if the association has insurance?
Your condominium association insurance covers the condominium building, commonly owned property, and liability for the association. That insurance policy wont cover you or your personal property.
Most of the time the associations coverage stops at the interior walls meaning your are responsible for the interior walls, fixtures and other interior items including your personal property as well as liability.
Another important coverage that is commonly misunderstood and often overlooked is loss assessment coverage. Your Hoffman and Associates agent will explain all of the necessary coverage in detail.
NOTE: The answers to coverage questions are primarily based on ISO forms generally used in Florida by most companies. However, please keep in mind that all companies forms are NOT necessarily the same. Some companies may provide broader coverage and some may be more restrictive. IN ALL CASES, THE CONSUMER MUST REFER TO HIS OR HER OWN POLICY FOR SPECIFIC COVERAGE INFORMATION.