Ft Lauderdale Condominium Insurance
Posted by Eric Miller on Monday, August 29th, 2011 at 8:52am.Fort Lauderdale Condominium buyers need to be aware that a Florida law referred to as “Homeowners 6” went into effect in 2009. In the Fort Lauderdale Condo market enforcement of the law has not been universal because of the tight economic times but we do expect to see it become more the standard. The law states that Ft Lauderdale Condominium owners are required to take out insurance that provides coverage to all contents within the condominium unit. This policy will close the gap for Fort Lauderdale Condominium owners many of whom thought they were adequately covered by the buildings master policy. Fort Lauderdale Condo buyers need to think of this as the “walls-in” policy and understand that their master policy only covered them to their unpainted sheet rock walls.
Fort Lauderdale Condominium associations usually carry insurance policies which cover the structure and communal areas of the condominium building. This master policy, as it is called, does not cover the replacement of interior fixtures such as carpet, cabinets, hardwood floors or tile. Instead, Fort Lauderdale Condo owners often function with a false sense of security, as they were told that they need no addition insurance as the owner of Fort Lauderdale Condo. At Eric Miller and Associates your Fort Lauderdale Realtors, we have always recommended Fort Lauderdale Condominium owners carry at least homeowners insurance, and depending on location and individual situations add hurricane insurance on top of the basic policy. These insurance policies taken out by the owner of the unit are the policies that will protect you if you damage a neighbors unit, and ultimately cover the contents of your Ft Lauderdale Condo. We are starting to see more and more Ft. Lauderdale Condominium Associations, and mortgage companies require Fort Lauderdale Condo buyers have this insurance in place prior to purchase.The law originally called for condominium association’s to enforce compliance, but we are starting to see mortgage companies ask for it.
Knowing that a leak in your Fort Lauderdale Condominium, a toilet overflow, or a washing machine malfunction could cause you to be personally responsible for all the Fort Lauderdale Condo unit below you makes us feel that every Ft. Lauderdale Condominium owner should want to carry homeowners insurance.
Considering a condo in the Fort Lauderdale Real Estate market, contact your experts at Eric Miller and Associates for all your Fort Lauderdale Real Estate needs we are here to help.
Eric Miller is an award winning Florida Realtor, salesperson and broker. His website, FortLauderdaleGroup.com provides an up-to-date guide of Fort Lauderdale Condos for sale, and the most complete buyer, seller and investor information for the Fort Lauderdale Real Estate Market.
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Posted on Saturday, April 7th, 2012 at 12:03pm.