Ormond Beach, Daytona Beach, and Palm Coast, Florida
This type of insurance coverage is a complex but common necessity in Florida: condominium owners technically own the interior of their units only. All exteriors are owned by the condominium association and issues related to insurance of those exteriors are governed by association bylaws. The role of bylaws in this case is to formally define who owns what so that the required property insurance can be obtained. The bylaws also establish the liability exposure of the unit owners themselves.
We recommend you be fully aware of what your condo association bylaws say about insurance coverage. We would be happy to assist you with determining your coverage needs and if they are being well met. Keep in mind, shared ownership can fall under the “landominium” category (structures are entirely owned by the unit owners but all land is owned and maintained by the association) and “dockominiums” (vessels are owned by the unit owners but the docks and piers are under association ownership).
Property exposure applies to the personal property of the unit owner and additional property exposures will be determined by association bylaws. The unit owner is responsible for flooring and painting, but could be considered responsible for the walls themselves, including the plumbing and electrical within. Your insurance as unit owner will be based on what is considered your property.
Association bylaws will also determine responsibility for windows, doors, fireplaces, chimneys, cabinets, countertops, and other items. You will also find that in addition to personal property exposure, you also need to be covered for damage to common property as defined by the bylaws.
Inland marine exposure includes the high dollar possessions that are not covered under the typical homeowners policy, such as jewelry and antiques within the unit.
Personal liability exposure addresses the members of the household, pets, and terms related to the insured premises. Loss potential is impacted by the age of any children, the type of pets, and the organizations in which the family participates.
Premises liability of the unit owner is limited to the owned unit, as specified in the association bylaws. Common areas are covered by the condominium association's premises liability.
If a member of your household becomes an officer or board member of the condo association, there will be added exposure for decisions made by the board. Contact Mitchell Noel if you have any questions about condominium insurance policies.