FORT LAUDERDALE, Fla. – The disastrous collapse of the Champlain Towers South apartment in Surfside has panicked condo house owners throughout Florida who fear their coverage policies would not shield them from a financial disaster.
In many situations, their fears are justified.
Condo insurance can be an arcane planet to understand, and many condominium proprietors could deficiency adequate coverage to avert money ruin, insurance plan gurus say. Here’s what analysts and economic advisers propose to defend your most useful asset: the roof over your head.
Styles of protection
For condo entrepreneurs, coverage coverage is typically broken down into two principal segments:
The association’s protection determines how a great deal protection the rental owner demands. Associations generally select concerning two choices:
- It is unclear which style of coverage is most prevalent for apartment associations, but authorities say proprietors really should discover out just before getting procedures for their individual condos.