Miami Beach is perhaps one of the most famous residential communities in America. However, it’s also home to extremely expensive real estate and a high population density. Many residents on the island buy condos or apartments, as opposed to freestanding homes. Thus, the type of homeowners insurance needed will likely prove very specific. What are some considerations you must remember when insuring your property?

The average Miami beach home has a value of $370,000, according to Zillow. Make sure you get homeowners insurance for every penny of the value of your condo. Here’s how to do so.

Homeowners Insurance Requirements And Options

When you buy a condo, as opposed to renting one, you’ll take on an entirely new degree of responsibility for the property. You’ll now likely need to insure the full property. Indeed, in most cases, your realtor will require you to get such coverage.

The coverage your policy can include will vary. However, it can usually contain:

  • Building Property Insurance: If the condo’s structure sustains damage, then your policy might pay for repairs. This coverage will likely handle damage from fires, weather, theft and other unavoidable problem.
  • Contents Coverage: This coverage will extend to your personal belongings. it might insure everything from furniture to electronics. Your policy might offer either cash value or replacement cost coverage. The replacement cost will pay for the full cost of the lost item. Actual cash value coverage will only pay the depreciated value of the lost item. Let your Rovner & Company agent advise you on which choice is best for you.
  • Liability Coverage: Your negligence might cause a guest to sustain injuries or property damage in your home. If the damage was your fault, then this coverage might help you pay for the losses.

Other elements of coverage might also come in handy. You might need to add special riders for high-value items, such as jewelry or art, for example. Talk to your Rovner & Company agent about the appropriate protection.

Coordinating Coverage With Your Association

In a condo or apartment, your property will touch, and even blend with, the property of others. This is most clearly observed in the home’s structure. Portions of your home’s walls, ceilings, floors and fixtures might abut others’. Nevertheless, they remain your own property. So, you must work alongside your condo association to guarantee you get the appropriate coverage.

Your condo association will likely carry a degree of coverage on the structure of the home. However, what these policies insure will vary. Some might cover certain damage inside the apartment. Others will cover nothing inside your walls. Therefore, find out about your need for coverage from your association owner.