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Condo Insurance

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nebraska
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28 posts
2 reviews
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Condo Insurance

I know this is a bit off topic but I thought some locals could help me. Just bought a condo in clearwater and am trying to find condo insurance. I'm finding that none of the large insurance companies offer condo insurance so I was wondering if someone could recommend a company.

Thanks for any help.

Sandy

Clearwater, Florida
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8,776 posts
23 reviews
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1. Re: Condo Insurance

Many properties here won't be touched by regular insurance companies due to hurricane probability.

Citizens Insurance Company is a state run insurance company for houses that will not be touched by those regular companies that only want to take money in, not pay out. Google 'Citizens insurance florida' or something like that for more thourough info.

nebraska
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28 posts
2 reviews
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2. Re: Condo Insurance

Thanks for your quick response. Are there any other companies in the Clearwater area that provide condo insurance so I can get a few quotes?

Calgary, Canada
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2,244 posts
87 reviews
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3. Re: Condo Insurance

We have a condo on Sand Key that we use as a rental, and Citizens was the only one that would cover us when we bought. If you are going to rent out your condo - even briefly for vacation rentals - make sure you inform your insurance company when you buy insurance - or you may not be covered if you put in a claim. If you won't be renting the condo out - ask your condo association for recommendations. They should have a list of insurance companies that will cover you.

Manitoba, Canada
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369 posts
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4. Re: Condo Insurance

You could ask your condo association for recommendations or contact a broker such as BB &T - we have Florida Peninsula insurance.

Clearwater, Florida
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8,776 posts
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5. Re: Condo Insurance

I con't know of any, other than Citizens. Sometimes you're 'stuck' with them. There will be some companies that pop up and will take some properties on, but if you do switch to go with them, you may just end up switching back to Citizens in a year or two, once that company pulls out because they had to pay out a dollar.

It is crazy, but it's the hyped-up threat of hurricanes. I was born here, and have lived here my wholle life - over 50 years now. And have never put in a property claim, or ever lost a nickel due to a tropical storm/hurricane.

But, it CAN happen, and the companies don't want to risk a large payout like hurricane Andrew or Katrina.

nebraska
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28 posts
2 reviews
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6. Re: Condo Insurance

Got a few quotes from a broker and Federated Ins Co was the most inexpensive at $818 per year. Seems high to me since the HOA covers the condo's exterior. Does this seem like a fair quote? I was expecting it to be more like renters insurance than homeowners insurance.

Calgary, Canada
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2,244 posts
87 reviews
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7. Re: Condo Insurance

What is your square footage? Our insurance for 1020 sq ft was $767.00 - but we use it as a rental, so that ups the price.

nebraska
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28 posts
2 reviews
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8. Re: Condo Insurance

It is 1093 sq ft and not going to be used as a rental.

Calgary, Canada
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2,244 posts
87 reviews
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9. Re: Condo Insurance

Unfortunately the price sounds about right.

Florida
Destination Expert
for Palm Harbor
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1,099 posts
52 reviews
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10. Re: Condo Insurance

That price is like renter's insurance - in fact it's about what I pay for renter's insurance on a house slightly smaller in square footage. Insurance for everything in Florida is very expensive, unfortunately.