Do I need hurricane insurance for a condo in Florida?
Hurricane insurance isn't mandatory in Florida, it's included in standard home insurance policies. Exclusions for standard policies include sewer/drain backup, flooding, wind damage, mold growth and personal belongings.
Condo insurance, also called an HO-6 insurance policy, is similar to homeowners insurance in that it covers your personal property, liability and some structural elements of your home.
Florida hurricane insurance is not required because hurricane insurance isn't sold as a separate policy in the state. This form of coverage is included as a part of a standard insurance policy.
The laws in Florida require all condo associations to have windstorm insurance. However, condo owners are not mandated to have insurance, but lenders may require it for mortgages. What is the difference between replacement cost and actual cash value coverage for windstorm damage?
The coverage may be excluded if the policyholder personally writes or types and provides to the insurance company the following statement in his/her own handwriting and signs his/her name, which must be signed by all named policyholders on the policy: “I do not want the insurance on my (home/mobile home/condominium ...
Dwelling coverage applies to the walls and fixtures in your condo. If damage occurs due to a named peril or falls under your open perils list, you can submit an insurance claim. To calculate the amount of dwelling coverage you may want, a good rule of thumb is 20% of the appraised value of your condo.
| State | Average annual rate | Average monthly rate |
|---|---|---|
| Florida | $1,400 | $117 |
| Georgia | $765 | $64 |
| Hawaii | $505 | $42 |
| Idaho | $370 | $31 |
If you live in a hurricane-prone area, it's a good idea to get enough coverage to pay for completely rebuilding your home. Hurricanes can cause devastating damage, and a standard home insurance policy won't always cover all the damage.
Average annual cost of Florida hurricane coverage
The average cost of homeowners insurance in Florida is around $2000, whereas the average cost of flood insurance is around $600. In order to be adequately protected against hurricane damage, the annual cost you might have to pay could be around $2600 a year!
The second major reason why Florida's homeowners insurance premiums are so high is the state's vulnerability to severe weather events, particularly hurricanes. There have been several major storms in recent years, which have proven to be very costly to insurers.
What is the new condo law in Florida 2024?
Under previous law, Florida condo associations could vote to waive their reserve contributions. That is no longer the case. As of December 31, 2024, associations may no longer waive their reserve contributions.
The rate increases come as private homeowners insurance companies have failed or moved out of state. Taxpayer-backed Citizens Property Insurance has also announced plans to shed thousands of policies.
Let's answer our headline question: Yes, owners of residence units on the higher floors of Florida condo buildings DO need Flood Insurance because they also own part of all the ground-floor areas that are exposed to flood risk. The COA's Flood Policy takes care of this, and all owners contribute to the premium cost.
Most insurance companies calculate your hurricane deductible as a percentage of your home's insured value — also known as your dwelling coverage limit. The typical hurricane deductible is between 1% and 5% — though it can go as high as 10% if you live in a high-risk area.
Windstorm Insurance Cost in Florida
The average cost for a windstorm insurance policy in Florida is between $1,000 and $2,000 per year.
| Dwelling coverage | Liability | Average annual premium |
|---|---|---|
| $500,000 | $100,000 | $3,580 |
| $500,000 | $300,000 | $3,594 |
| $600,000 | $100,000 | $3,823 |
| $600,000 | $300,000 | $3,839 |
If you own a condo or co-op unit, the common areas like the hallways, land and other shared areas typically are covered by a collective homeowner's association insurance policy. But your unit is not always covered by this policy. That's why you need condo (also known as HO6) insurance.
Condo owners are only responsible for protecting the interior of their homes, with everything outside of those walls being covered by their homeowners association's master policy. So yes, homeowners and condo owners do need different insurance policies.
The 80% rule is adhered to by most insurance companies. According to the standard, an insurer will only cover the cost of damage to a house or property if the homeowner has purchased insurance coverage equal to at least 80% of the house's total replacement value.
association property, and the condominium property required to be insured by an association, upon compliance with the applicable provi- sions of [Sections] 624.460– 624.488[, Florida Statutes].” The 2007 amendment specifi- cally states that self-insur- ance is adequate insurance under the Statute.
Who writes condo insurance in Florida?
Homeowners Choice, Kin and Citizens are also good options. Cypress offers the cheapest rates on condominium insurance in Florida. Condo insurance rates range from $68 a month in Duval County to $179 a month in Miami-Dade County. Citizens is the best option when other companies won't insure your condo unit.
The HO-6 policy caters to the condo owner, while HO-3 policies are designed to cover all areas of a property.
How much is Florida hurricane insurance? Considering that the average annual cost of homeowners insurance is $2,643 and the average annual flood insurance rate is $550, homeowners in Florida can expect to pay over $3,000 annually to protect their homes against hurricane damage.
Nationwide, costs are rising as insurers try to price in losses from more frequent and unpredictable storms, wildfires, and other effects of climate change.
Hurricane insurance is typically a combination of flood and windstorm insurance, which covers damages caused by wind, such as from hurricanes.
