How does the Best HO-6 or Condo Insurance Work, and its Cost
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Have you ever wondered how condo insurance works in Florida? Florida law does not mandate condo insurance, but your HOA probably still makes you get it. When it comes to protecting your personal belongings in the event of theft or damage to the condo itself, condo insurance, also referred to as a HO-6 policy in Florida, is designed to cover the gaps left by your HOA’s master policy. The monthly cost of condo insurance in Florida can range from $20 to $50, depending on the condo’s location, construction, and level of coverage desired.

Condo Insurance Florida

In Florida, condo insurance, also known as a HO-6 policy, is very similar to standard homeowners insurance in that it protects you from legal responsibility and covers your personal belongings and some of the building’s structure.

In the event of a covered loss, such as a fire, theft, or injury to a third party, condo insurance will help cover the costs associated with replacing your belongings and paying for temporary housing while you wait for repairs. A condo association’s master policy may not cover all potential issues, but your insurance will.

In Florida, condo owners can choose to insure their unit and its contents for either their actual cash value or their replacement cost. A replacement cost policy costs more because it reimburses you for the full cost of replacing your belongings up to your policy’s limits, regardless of how much they have depreciated.

What Does Florida Condo Insurance Cover?

A condo insurance policy protects your belongings in addition to the building’s structural components (such as the walls, ceilings, and floors). Condo insurance in Florida also pays for temporary housing costs if you have to relocate because of an insured event. If you are found legally responsible for someone else’s injuries or property damage, they will be compensated for their losses.

Protecting your home and possessions from disasters like fire, theft, and wind is easy with a condo or insurance policy. The following are the main categories of protection you can expect to find in a Florida condo insurance (HO-6) policy.

#1. Dwelling Coverage

The dwelling coverage on your policy usually covers damage to all things that are permanently attached to your condo. This can include things like your walls, floors, and countertops. Dwelling insurance can also cover any changes or additions you have made to the condo. 

This part of your condo policy protects the built-in items in your unit. Florida law and the condo association’s master policy specifically exclude the following from condo insurance coverage: 

  • Flooring or carpet.
  • Wall or ceiling coverings.
  • Electrical fixtures.
  • Appliances.
  • Water heaters or filters.
  • Built-in countertops and cabinets.
  • Drapes, blinds, or other window treatments.

Always choose a level of dwelling coverage sufficient to replace such items.

#2. Personal Property

It covers all of your things, like furniture, electronics, clothes, books, trinkets, and even that ice cream maker you never use. Your personal property insurance would pay to replace these things if they are lost, stolen, or damaged.

This covers your things if they get lost or stolen, whether they are in your condo or somewhere else. Personal property insurance covers a lot of different things, like clothes, furniture, electronics, and other home decor.

#3. Loss of Use

If you are unable to reside in your condominium following a covered disaster, loss of use coverage will pay for your additional living expenses. If your condo was damaged by a fire and you needed to stay in a hotel while repairs were being made, loss of use coverage could help cover those costs.

#4. Medical Payments

If someone were to get hurt in your unit, medical payments coverage would kick in similar to personal liability insurance. However, the coverage limit is significantly lower and no proof of fault is necessary.

#5. Personal Liability

Personal liability insurance can help pay for legal fees and damages if someone sues you for causing them harm or damaging their property. If a friend were to fall and break a bone in your condo, for instance, and decide to sue you, this insurance would protect you from that lawsuit. Liability insurance is also available in case your pet causes harm to another person, such as by biting or attacking them. However, not all insurers will cover your pet, so be sure to ask before settling on a policy. 

What Does Florida Condo (HO-6) Insurance not Cover?

Condo insurance typically does not cover damage caused by: 

  • The water rising too high or heavy rain not draining quickly enough causing flooding.
  • Earthquakes and mudslides.
  • Backed-up water from sewers or drains.
  • Wear and tear.
  • Intentional damage or injuries.
  • Termites and other infestations

How Does Condo Insurance Florida Work? 

Although almost every Florida condo or HOA has a master policy, that policy does not cover your personal belongings within the unit. The master policy will still apply to the entire building even if you live alone. This leaves you in a legal limbo regarding property damage and liability in your apartment.

Condominium associations may require you to purchase insurance if something undesirable occurs on your property. The details of this should be explained to you when you move in and are outlined in the bylaws or other governing documents.

A lot of the time, an association will require condo owners to get insurance. Condo (H0-6) insurance in Florida is always recommended because of the risk of hurricane damage.

Condo insurance shields your investment from destruction caused by things like weather and other natural calamities. Florida is prone to hurricanes, so there is a real danger that one will wipe out your investment. If someone is injured or their property is damaged while visiting your condo, you will be covered by your condo insurance policy.

Best Condo (HO-6) Insurance Florida

#1. State Farm

State Farm is the most popular home insurance provider in the United States, but the National Association of Insurance Commissioners (NAIC) reports that the company receives fewer complaints from policyholders than would be expected for a business of its size. Ting, a smart device that monitors your home’s electrical network and alerts you to potential fire hazards, may be provided at no cost to condo owners in Florida. You can tailor your condo insurance policy in many different ways with this company.

#2. Nationwide

Additional coverage options may be available from Nationwide, including protection against identity theft, valuable jewelry, and sewage and drain backups. As a bonus, your belongings are covered at full replacement cost in the event of a covered loss, meaning you will be able to buy brand-new alternatives with the claim money. The NAIC reports that nationwide receive a typical volume of complaints for an organization of its size.

#3. Allstate

In addition to being a dominant force in auto and home insurance, Allstate is also a major player in the rental market. Through its extensive system of local insurance agents across the country, it also offers round-the-clock customer support.

Condominium owners can find a wealth of information on Allstate’s website, but the online quote tool is not available everywhere. You may need to get in touch with your neighborhood insurance agent to obtain an estimate and start setting up a policy. 

#4. Chubb

Thanks to its Masterpiece homeowners insurance policy and other tailored services, Chubb is one of our top picks for Florida homeowners insurance. This is especially true for those whose homes and assets are particularly valuable and thus require extensive protection. Chubb could be a good fit for Florida residents who own expensive homes and valuable belongings or who run a commercial enterprise. 

Condo Insurance Florida Cost 

Condo insurance provides financial security by covering these dangers. The monthly cost of condo insurance in Florida can range from $20 to $50, depending on the condo’s location, construction, and level of coverage desired.

Your condo’s insurance premium in Florida will change based on factors like its location, size, construction, roofing material, whether or not it is your primary residence and the presence or absence of security features.

There are several factors contributing to the rising cost of Florida condo insurance. Some insurers have left the state or even gone bankrupt because of all the lawsuits and disasters like Hurricane Ian. Inflation, which drives up the cost of fixing or rebuilding damaged properties, is a major factor in the sharp nationwide increase in insurance premiums. After the collapse of a condo tower in Surfside, Florida, in 2021, insurance companies became more wary of taking on such risk. 

It costs more than $759 per year to insure a condo in Florida. The annual cost is usually somewhere between $759 and about $1,500. The cost of your condo insurance will vary in price based on factors like the insurance company you choose and the level of protection it provides.

What Affects the Cost of Florida Condo Insurance

#1. What Is Included in the Condominium Master Policy

Reviewing the master policy for your condo building is a must before purchasing individual condo insurance. To begin with, they protect the building’s shared spaces and some of the facilities’ common amenities. There are, however, condo building insurance policies that extend beyond the bare minimum.

#2. Age and Security Features

The age of condo structures Security and safety features in newer buildings are better. Their facades, electrical systems, plumbing systems, and heating, ventilation, and air conditioning systems are also less likely to fail. As a result, condo insurance tends to be more affordable for newly constructed buildings than it is for older ones.

#3. Your Claim Record

Insurance companies calculate your premiums based on the statistical probability that you will file a claim in the future and the frequency with which you have filed claims in the past.

#4. The Specifics of Your Condo Policy 

The price may vary depending on the type of coverage you require and the specifics of your policy. If you have a lot of valuables and need high coverage limits, your premiums will be higher than those of someone with fewer possessions.

Tips for Reducing the Cost of Florida Condo Insurance

Florida’s condo insurance can be expensive, but there are steps you can take to lower your costs. They include;

#1. Shop Around

Though the number of Florida condo insurance providers is smaller than it once was, you can still find several from which to choose. We advise looking at at least three different price points. Independent insurance agents are a good option if you do not have time to research your options or are having trouble finding providers who are willing to cover your unit.

#2. Ask about Discounts

Are you taking advantage of every possible discount? Bundling your condo and auto insurance, moving to a safer neighborhood, and going claim-free for a set period are just a few examples of the discounts offered by many insurance companies. Discounts on your insurance premiums may be possible if you install safety features like smoke alarms, security systems, and smart home technology. 

#3. Improve Your Credit Score

Your insurance premium in Florida, as in the rest of the country, may be affected by something called an “insurance credit score.” When compared to a regular credit score, this score is pretty close. 

#4. Increase your Deductible 

A deductible is the amount of a claim that you have to pay out of your pocket. Your yearly premiums can be reduced by paying a higher up-front sum.

Ho6 Condo Insurance Florida

There is no difference between a condo insurance policy and a HO-6 policy. When your belongings are destroyed or stolen, this comes in handy. Additionally, an HO-6 insurance plan covers repairs to the condo’s walls, floors, and ceilings, as well as any improvements made after the purchase.

In addition, if you have to temporarily move out of your home because of a covered issue, a HO-6 policy will pay for your lodging expenses and any related legal fees.

Condo insurance is distinct from both standard homeowner’s insurance and standard renter’s insurance and is sometimes referred to by its H6 insurance designation. This is because condo owners only own their units, and not the entire building or the land on which it stands.

In Florida, condo and co-op unit owners need special coverage, known as “HO-6” insurance. In the event of damage to your condo or co-op, you will likely be held liable as the owner. Even though you have rights and/or interests in the common areas, the condo or co-op association may insure the property outside your unit. Your condo and its contents are safeguarded from loss or damage by HO6 condo insurance, which also includes coverage for liability and loss of use.

How Does Condo Insurance Work in Florida?

Although almost every Florida condo or HOA has a master policy, that policy does not cover your personal belongings within the unit. Even if you live alone in your apartment, the building-wide rules must be followed. In addition to the master policy’s coverage, new condo owners are frequently required to carry their condo insurance. The contents and structure of your unit will both be insured under this policy.

Is Condo Insurance Cheaper Than Home Insurance in Florida?

Homeowners insurance (HO-3) is more expensive than condo insurance (HO-6). This is because of a major difference between the two types of insurance. It costs more to insure a home than a condo because a condo policy does not cover the building.

Do I Need Hurricane Insurance for a Condo in Florida?

Florida law mandates that all property owners, including landlords, who have a mortgage on their home or condo purchase and maintain windstorm insurance. 

Casualty insurance is mandatory for Florida condo associations because of the high risk of natural disasters like hurricanes and floods. Condo owners in Florida would be wise to purchase additional hurricane insurance on top of the minimum required by law, as even a moderately strong hurricane is capable of causing significant damage to a building.

Why Is Condo Insurance So Expensive in Florida?

Most of Florida is located near the coast and in the subtropics, making it vulnerable to hurricanes and other types of extreme weather. As a result, insurers see the Florida homeowners insurance market as high-risk, driving up premium costs for policyholders.

What Is the Average Cost for a HO6 Policy in Florida?

The typical annual premium for HO-6 condo insurance in Florida is $1,457 ($121/month), though this varies widely depending on the state. Condo insurance, for instance, can vary widely from one area of Florida to another.

Can a Condo Self-Insure in Florida?

Self-insurance funds that meet the standards outlined in sections 624.460-624.48, Florida Statutes, can allow condominium associations to provide adequate property insurance coverage. It essentially means that the association must fund and establish its own insurance company. It is too complicated and expensive compared to the potential savings to be worthwhile. 

Why Is Florida Property Insurance So High?

Compared to the rest of the country, homeowners in Florida pay premiums that are nearly four times higher. The cost went up because of weather-related risk, the number of claims in the area, legal fees, and fraud. Florida is prone to hurricanes, which makes insurance costs very high.

Because of the higher risks, big insurance companies are pulling out of Florida. Florida’s average yearly premium goes up by 42% from 2022 to 2023, reaching $6,000. 

Do Condos in Florida Need Flood Insurance?

Condominium owners in Florida who live on higher floors are required to carry flood insurance because they are responsible for a portion of the ground level. The COA’s Flood Policy handles this, and all homeowners pay a portion of the premium.

Condominium associations are only required to carry flood insurance if their complex is located in a special flood hazard area. 

What Is a Florida Ho 3 Policy?

Owner-occupied properties in Florida can be protected by purchasing a Florida Homeowners Insurance Policy (HO3). A standard HO-3 policy will insure the primary dwelling and any attached structures, like a carport or garage. Coverage for your home, belongings, liability, medical bills, and more are all included in HO-3 insurance, the highest level of home insurance coverage available.


The most effective method for reducing the cost of condo insurance is to shop around and compare quotes from different providers offering the same level of protection.

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