Finding Florida Condo Insurance

Finding Florida Condo Insurance

Prior to 1992, finding insurance to meet the needs of a condo owner was not much trouble. However, after Hurricane Andrew slammed the Florida coast in 1992, causing homeowners and insurers alike millions of dollars, finding adequate insurance for a Florida condo started to get harder. Finding condo insurance in Florida has only gotten more difficult as more hurricanes destroyed property across Florida in 2004 and 2005.

The extensive damage to condos caused by these violent forces of nature and the subsequent expense to insurance companies was enough to drive many insurance out of the condo insurance business altogether. Those who remained drastically raised the cost of coverage. As a result, it has become increasingly difficult to get even the very basic insurance you need to meet the requirements of the law and of your condo association as a Florida condo owner.

The Florida Condo Insurance Crises

Condo owners in Florida are coming up against some very substantial obstacles in meeting the insurance requirements for their Florida condos. It has become very difficult to even find a company that wants to cover a condo in Florida. Every year more and more insurance companies in Florida drop their coverage options for Florida condos. Those that do still offer Florida condo insurance only extend coverage to condos that were built to the higher building code standards of post-Hurricane Andrew Florida. At this time, there are only an average of 10 private insurance companies offering condo insurance in any given Florida county.

The Citizens Option

Because Florida owners are required by law to carry insurance on their condo, many are finding that they are forced to settle for getting their mandatory insurance through Citizens Property Insurance Corporation. While having Citizens insurance coverage may be better than having no coverage at all, the state run insurance company has shown itself to be hindered by many of the inherent problems of a government bureaucratic organization.

Because Customers of Citizens Property Insurance Corporation covers so many condo owners in Florida, customers often find that they have to wait a very long time to receive payment on their insurance claims. When your property is damaged, you need it replace quickly. Citizens simply cannot achieve the rapid response that Florida condo owners need and expect.

Even worse, Citizens is currently underfunded to pay out the numerous claims that are continually being filed. This leads to even longer wait times to get the money you need to replace your possessions or repair damage to your Florida condo. Couple this with all around sub-par customer service and many Citizens customers find their insurance experience completely unsatisfactory.

Finding a Private Insurer

Many Florida owners find that, even though Citizens Property Insurance Corporation isn’t a preferable option, it’s the only one they have. As more and more private insurers drop out of the condo insurance game, there simply aren’t enough private insurers to provide coverage for the large number of Florida condo owners. However, if you own a condo in Florida, you can still get coverage. You don’t have to settle for sub-par service and coverage from Citizens. You can get the coverage you need and the service you expect from your Florida condo insurance provider.