A recent post regarding changes to Florida condo insurance requirements has generated a few questions. The biggest change is the requirement for individual unit owners to carry a policy to cover the interior of the condo.
According to Scarlet Doherty with The Webb Insurance Group in South Tampa, all condo owners will now be required to carry a policy that covers the interior of their unit. These policies are commonly known as stud-to-stud policies. Condo Associations maintain a master policy that covers the exterior of the building, but not the interior.
According the Scarlet, the median cost of a stud-to-stud policy is around $600 annually. This is a cost that would be separate, and in addition to the portion of the condo fees that covers the association’s master policy. Most condo owners already maintain these policies but many do not.
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Own a Tampa condo? How do you feel about the new required insurance law? Feel free to comment below:
[...] a Tampa condo? How do you feel about the new required insurance law? Feel free to comment below: add to: Hide [...]
Hey Guys, thanks for this post. I own a lakefront condo in Winter Haven, FL and have a standard condo-rider policy with State Farm. Will put a call in to them today to check on this, as my policy presently covers everything from the paint inward. Will follow up and let you know what they say.
I think there are many condo owners in for a surprise. Sounds like you’re covered. Thanks for the input.