Ormond Beach Insurance – Condominium Insurance
Condominium insurance is required in Florida. Why? Because condominium owners only “own” what is inside the walls of their units. Everything outside the interior of the condominium unit is owned by the condo association, and the exterior of condos are covered by the associations insurance. For this reason, condominium insurance can be confusing. A phone call to your Ormond Beach insurance agent will help you to understand the basics of Ormond Beach condo insurance.
If you are a condominium owner, we strongly suggest that you have a copy of the condominium associations bylaws provided to you so that you can review what the associations insurance covers regarding your unit. There are distinct kinds of coverages for diverse types of ownership categories. For example, perhaps you own a “landominium” or a “dockominium.” What are these? A “landominium” occurs when you own the entire structure, but the land is owned and taken care of by the association that owns it. A “dockominium” is when you dock the water vessel that you own at a pier that is owned by the association.