Comparing Florida Condominium Insurance: Water Damage Considerations

One of the curious things people discover when they start looking at Florida condominium insurance is that insurance seems to have a language all of its own, and each insurance provider has its own dialect. What should be straightforward often seems convoluted, but it is possible to navigate the insurance terrain. What’s the key? Read everything and ask questions.

A particular policy might seem to cover water damage, for instance, but it’s important that you are clear on the definition. Some people may be surprised to discover that condo insurance does not cover water damage from floods. Flood insurance is instead its own separate type of policy. Water damage from a burst hot water system or other plumbing mishap is likely to be covered under a basic Florida condominium insurance policy. However, water seepage (for instance water seeping into your basement from the ground) is not covered, nor is water damage that has occurred due to poor home maintenance.

The important point from all this is that it’s vital to read the fine print of any Florida condominium insurance policy you have or are considering purchasing. If you are unsure of anything at all, ask your insurer or agent because being clear now will ensure you won’t be left stranded in the future.