Condo Insurance

I was recently talking to someone who had to purchase Condo insurance in Gainesville Florida.  The condo was purchased for the purpose of fixing up and selling.  He asked me why he needed to purchase insurance.  There wasn't going to be anyone living in the unit so why have insurance.  There are a few questions that come to mind right away.  What type of insurance does the homeowners association have?  Does the homeowners association have an insurance policy that covers the building?  There are some Condo's in Gainesville like Greenleaf that the homeowners are responsible for both the inside and the outside of the building. Other more traditional homeowners association have an insurance policy in place that covers the structure but nothing inside the building.  It is common that the homeowner is responsible for everything from the studs behind the drywall in.

So while the condo is being renovated if there were a flood and the homeowner didn't have a policy they would have to pay for the repairs themselves.  If there were tools in side the unit while the unit was being worked on and the tools were stolen, if the homeowner didn't have insurance they would be responsible for replacing the tools.  The last example would be if there was a repair person working on the condo and hurt themselves you may be responsible for their injuries.  All these are examples of any you need to have insurance even if you are not living in the unit.

If you are living in the unit, the insurance is rather inexpensive, because much of the cost of insurance is to cover the structure itself.  If you are just insuring the interior and the contents the value is low compared to the cost of replacing the entire building. 

To get a more clear understanding we recommend you discus the details of your home with an independent Insurance agent.  To get you started go to www.fastcheapquotes.com and get a quote.  This will give you an idea how much the insurance will cost you.  When you submit the quote you will receive a copy of the quote via e-mail.  This will include the name of an agent in your area.  That agent will contact you and is willing to help you find the insurance that best suites your needs.  This website can only be used to give you ballpark ideas of what is available on the market.  Only an agent can explain coverages and issue you a policy.

Fast Cheap Quotes for your Florida Homeowners Insurance quotes: www.fastcheapquotes.com