INSURANCE COVERAGE
In the state of Florida condo associations are governed by statute 718 and the insurance for condos associations is governed by state statute 718.11. Based on these statutes there will essentially be 2 policies in place to protect the property from the perils of hurricane/fire/vandalism etc.… the condo master policy and the unit owner policy. The condo master policy is essentially responsible for covering the dry wall out on the unit while the unit owner policy will cover the interior components of the unit (floor covering, appliances, contents, etc.).
See Breakdown of the insurable responsibility of the Association vs. an Owner. Owners should consult with their personal insurance agents about what limits would be adequate for them, the policy they would purchase for their property/liability is an HO-6 (Condo Unit Owner Policy). The condo master flood policy insures everything on the building except for the owners’ contents because it is a federally regulated policy and not state regulated.