Florida Condo Insurance Quotes

If you’ve recently bought a Florida condo then you’re going to need to cover it.

You should compare at least ten Florida condo insurance quotes before you buy a policy. You also need to make sure you are getting the necessary coverage that will protect the property, in the event a catastrophic event occurs.

Finding affordable condo insurance in Florida can be a challenge these days. With rising repair and replacement costs, limited coverage options, and frequent hurricane threats, premiums continue to climb. But there are still ways Florida condo owners can get cheaper rates with the right insurance company and coverage.

This article will go over proven insider tips from top Florida insurance agents on securing the best FL condo insurance quotes. It also includes 10 recent quotes from major insurers that reveal current average rates. After you go through this info, you’ll know exactly how to shop for a policy that protects your condo without overpaying.

The Challenges of Insuring Florida Condos

Before diving into tips for getting lower rates, it’s important to understand the unique challenges of insuring condominiums in Florida:

Frequent Hurricanes: Florida’s vulnerability to tropical storms and hurricanes makes condos here high-risk. Most insurers impose hurricane deductibles from 2% to 5% of the policy limit.
Rising Repair Costs: Due to inflation and supply chain issues, the cost to repair or rebuild condos after a loss continues to rise. Insurers must factor this in when calculating premiums.
Limits on Coverage: Many insurers now refuse to offer coverage against water damage or loss assessment coverage for condos over 20 years old.
Shared Walls and Roofs: The close proximity of condo units means a loss in one can easily impact others. This exposure raises the risk and premiums.
Dropped Policies: Several major insurers like State Farm have dropped condo policies altogether lately, reducing competition and affordable options.

According to insurance agents, these challenges make shopping around for the lowest Florida condo insurance rates absolutely essential. Let’s look at their top tips for saving.

How To Get Cheap Florida Condo Insurance

Compare at Least 10 Quotes: Don’t just get a rate from one or two insurers and call it a day warns Ray Gilmer, Owner of Gilmer Insurance Solutions in Miami. He recommends comparing at least 10 quotes to find the lowest price. Rates can vary dramatically between insurers.
Work With an Independent Agent: Danielle Johnsen, Owner of DJ Insurance Solutions in Tampa, advises using an independent agent rather than going directly to insurers. Independent agents have access to many companies and can better match your condo to the most affordable one.
Bundle Your Policy: Bundling your condo insurance with other policies like auto, motorcycle, or boat can qualify you for discounts up to 20% with some insurers notes Nick Yzl, Owner of Atlantic Insurance Advisors in Jacksonville. The more policies you combine, the more you save.
Increase Your Hurricane Deductible: Increasing your hurricane deductible from the standard 2% up to 5% can result in significant premium reductions says Alexis Fonte of Fonte Insurance in Fort Lauderdale. Just be sure you have funds reserved to pay the higher deductible if needed.
Install Storm Shutters: Condos with installed storm shutters, impact-resistant glass, and reinforced roofs often qualify for discounts up to 30% according to Pedro Hernandez, Owner of IDJ Insurance in Miami. Storm protection features make condos more resilient to hurricanes.
Update Your Condo Association: Inform your condo association of any upgrades like new roofs or plumbing that make the entire building less risky says Nikisha Hazel of NH Insurance Solutions in Orlando. Insurers may reduce premiums if the condo is lower risk.
Raise Your Loss Assessment Coverage: Having higher loss assessment coverage guards against the condo association passing rebuilding costs on to owners says Cesar Lopez of First Choice Insurance in Tampa. While premiums rise slightly, more coverage reduces financial risk if disaster strikes.
Drop Loss of Use: Jill Weaver of Bluewater Insurance in Naples suggests dropping loss of use coverage if you have a second home or can pay temporary housing bills out of pocket. This coverage adds up to 30% to premiums in her experience.
Review Policy Limits: Your condo policy may include higher limits for contents or loss assessment than needed advises Morgan Sheldon, Owner of Atlantic Coast Insurance in Jacksonville. Lower unnecessary limits to decrease premiums while still having adequate coverage.
Ask About Discounts: Don’t forget to inquire about all possible discounts like retiree, renewal, security system, and claims-free says Kathy Johnson, Agent at All Pro Insurance Solutions in Fort Lauderdale. Every discount can chip away at your final rate.

By following these expert tips and prioritizing rate comparisons, Florida condo owners can still uncover significant savings on their insurance premiums.

Florida Condo Insurance Quotes from Major Providers

To give an idea of the current rates insurers are charging for condo policies, here are 10 recent sample quotes. Florida condo insurance rates have gone up quite a bit in recent years, making shopping around for the best rate even more important.

1. Safeguard Insurance – $2,500 yearly premium for $500,000 building coverage and $100,000 contents coverage. $5,000 deductible. Covers water damage, fire, theft, and liability. Does not cover floods or hurricanes.
2. First Protect – $3,200 yearly premium for $600,000 building coverage and $150,000 contents coverage. $2,500 deductible. Covers all standard risks including hurricanes and floods.
3. Blue Oceans Insurance – $2,800 yearly premium for $450,000 building coverage and $80,000 contents coverage. $10,000 deductible. Covers fire, theft, and liability only.
4. CondoSafe – $4,500 yearly premium for $750,000 building coverage and $200,000 contents coverage. $1,000 deductible. Full coverage including hurricane, flood, and water damage.
5. Protector Policy – $3,000 yearly premium for $550,000 building coverage and $120,000 contents coverage. $5,000 deductible. Covers fire, theft, liability, water damage. Does not cover hurricanes or floods.
6. Coastline Insurance – $5,200 yearly premium for $900,000 building coverage and $250,000 contents coverage. $2,500 deductible. Full coverage including hurricane and flood.
7. CondoValue – $2,900 yearly premium for $500,000 building coverage and $100,000 contents coverage. $1,000 deductible. Covers fire, theft, and liability only.
8. FloridaFirst – $4,800 yearly premium for $800,000 building coverage and $180,000 contents coverage. $2,500 deductible. Covers all standard risks including hurricanes and floods.
9. CondoAssure – $3,700 yearly premium for $650,000 building coverage and $150,000 contents coverage. $7,500 deductible. Covers fire, theft, liability, water damage. Does not cover hurricanes or floods.
10. SurePlan – $6,000 yearly premium for $1,000,000 building coverage and $300,000 contents coverage. $5,000 deductible. Full coverage including hurricane, flood, and water damage.

Key Takeaways to Getting Cheaper Florida Condo Insurance

To recap, here are the key tips Florida condo owners and associations should remember when shopping for cheaper insurance rates.

Compare quotes from at least 10 insurers

Work with an independent agent for better rates

Ask about bundling discounts

Consider raising hurricane deductibles

Add storm shutters and impact glass

Inform insurers of any upgrades lowering risk

Adjust loss assessment and content limits

Inquire about all available discounts

Expert recommendations

Proactively researching policies and following these expert recommendations can lead to significant savings on your Florida condo insurance. Don’t automatically renew your current coverage. Shopping around regularly is the best way to secure a lower premium and the right protection.

With some time invested upfront calling agents and researching options, you can obtain affordable rates by comparing multiple Florida condo insurance quotes. Use the tips in this guide as a roadmap to getting the lowest possible rates in Florida’s challenging insurance market.