What questions should I ask when purchasing condo insurance?

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I will be closing on a condo in Ft Lauderdale, FL (broward county) next week, I am actively shopping for condo insurance. I am on the top floor (3rd fl). I heard that I won’t need flood insurance, for example? Thanks!

  1. Reply
    Hillbillies are inbred
    July 17, 2011 at 6:00 pm

    “What does this policy NOT cover?”

    You don’t want any surprises.

  2. Reply
    July 17, 2011 at 6:09 pm

    The question that is #1 in my mind is the deductible. If you have decent savings, or the ability to come up with, say, 2500 dollars to repair damage, then you will save good money by raising the deductible amount of your insurance.

    In trade, if something actually happens, more will come out of your pocket, but that protection for the hurricane that turns the condo into chopsticks and toothpicks (which is the real purpose for the insurance) is much cheaper.

  3. Reply
    July 17, 2011 at 6:22 pm

    1) What is the total about of personal liability coverage?
    2) Is this a replacement cost policy or actual cash value? (replacement is best)
    3) What are the limits of the personal property coverages? IE Jewelery, guns, negotiable instruments etc…
    4) What is the aggregate personal property coverage?
    5) Specifically what does this policy cover in the event of a loss by theft, fire, water damage (pipe burst), wind, natural disasters such as hurricane etc…
    6) Does this policy cover my personal property anywhere or only what is located in the home? What about a storage bin in the car port or garage?
    7) What is the difference in premium based on differing deductibles?

    That should be a good start.


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