Condo Insurance in Florida: Costs, Coverage, and Requirements
On average, condo owners pay $1,829 annually for condo insurance in the Sunshine State.
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Condo insurance in Florida averages $152 per month for $300,000 of dwelling coverage — much higher than the national average of $68 per month.
In recent years, due to catastrophic weather events and other factors, Florida homeowners insurance rates have soared for condo owners. And some insurance companies have exited the state altogether, leaving many condo owners with non-renewal notices.
Additionally, some Florida condo owners who can’t secure standard condo insurance may use the state’s last-resort insurer to get coverage. But recent legal reforms designed to slow rate increases and encourage new insurers to enter the Florida market may bring some rate relief and more accessibility.
Learn more about insuring your Florida condo and find out which home insurance companies are best.
Quick Facts
Florida condo insurance policies must include at least $2,000 in property loss assessment coverage, with a maximum deductible of $250.
Separate hurricane deductibles are common in Florida, and condo owners can choose from several deductible amounts depending on the value of their home.[?]
A condo unit policy covers only your individual unit, whereas a condo association’s master policy covers the building’s structure and common areas.
Best condo insurance companies in Florida
Insuring your Florida condo can be more complicated than insuring a condo located in another state. One reason is fast-rising costs. Another is that many Florida homeowners insurance companies are insolvent or have stopped writing new policies.
Fortunately, a handful of major insurers still have a presence in Florida, including the five insurers below.
Allstate: Best for comprehensive coverage
Progressive: Best for insurance discounts
State Farm: Best for short-term rental owners
Nationwide: Best for low rates
Chubb: Best for customer service
Insurify analyzed more than 15 criteria to calculate each company’s Insurify Quality (IQ) Score. These criteria are grouped into five categories: third-party financial strength ratings, customer satisfaction, cost, customer support and transparency, and availability.
The IQ Score uses a 1-to-10 scale to assign a score to insurance companies for each criterion analyzed. The higher the score, the better.
Once scores are collected, Insurify calculates the average score of each criteria category based on a predetermined weighting and adds the weighted scores to create a unique IQ Score for each insurer.
If an insurer doesn’t have data for a particular criterion, it’s excluded from the IQ Score calculations.
Average cost of condo insurance in Florida
Condo insurance, sometimes called an HO-6 policy, protects your condo unit. Florida homeowners pay an average of $1,829 per year for condo insurance.
But the cost of condo insurance in Florida varies widely by insurer. Insurance companies also look at risk factors to determine your rate, like condo size, construction details, and its location.[?]
The following table shows how much you might pay for condo insurance in Florida’s five most populous cities.
City  | Average Monthly Cost of Condo Insurance |
|---|---|
| Jacksonville | $97 |
| Miami | $371 |
| Tampa | $148 |
| Orlando | $125 |
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What condo insurance covers in Florida
Condo insurance provides liability and personal property protection for covered emergencies occurring in or to your unit and your belongings.
The liability portion covers your legal expenses if someone sues you after suffering an injury or property damage while in your unit. It may also reimburse their medical bills.
Condo policies also provide walls-in dwelling coverage in the event of a covered loss. In addition, condo insurance usually covers living expenses if the damage is so severe that you have to live elsewhere while the unit is being repaired or rebuilt.
It’s also important to note that your homeowners condo insurance is separate from your condominium association’s master insurance policy.[?]
Florida law doesn’t require condo owners to carry HO-6 policies, but your condo association might. If you have a loan on your unit, your mortgage lender will require you to carry condo insurance.
The specific coverages you need depend on your financial situation, the value of your belongings, and the types of coverage — if any — offered by the association’s master policy that protects your unit.
This table shows the types of coverage condo insurance policies typically offer.
Type of Coverage | Coverage Limit |
|---|---|
| Personal liability | $100,000 |
| Dwelling | Varies |
| Personal property | 50%–70% of dwelling coverage |
| Additional living expenses/loss of use | Varies |
What condo insurance doesn’t cover
Condo insurance specifically excludes some perils. Floods are the most notable ones, even if they happen during a covered event like a hurricane.
Here are a few more exclusions:
Injuries and property damage you cause intentionally
Sinkholes
Sewer line backup
Damage from wood-boring insects
Normal wear
Structures other than your dwelling
How much condo insurance do you need in Florida?
Generally speaking, you’ll want enough liability coverage to protect your assets in case someone sues you. You’ll also want enough coverage for your condo and belongings to ensure that you can repair your home and repair or replace belongings that are important to you.[?]
Remember that your condo or homeowners association master policy covers the condo building(s) and other common areas. You’re only responsible for your unit’s interior and possibly any infrastructure that primarily benefits your unit.
It’s always a good idea to get clarification from your condo association about the master policy’s coverages and how they might affect your insurance needs.
Do you need flood insurance?
No law requires you to carry flood insurance. But having this coverage could be a good idea, even if you don’t live in a high-risk area, as general condo insurance doesn’t cover flood damage.
About 20% of all flood claims in Florida come from moderate- to low-risk areas, and you can use the flood maps on the Federal Emergency Management Agency website to determine your own flood risk.
If you do determine that flood insurance could be a good idea for you, you can purchase it from the National Flood Insurance Program (NFIP) or some private insurers.
Florida condo insurance, hurricanes, and hurricane deductibles
Your condo insurance covers damage from hurricane winds and rain but not from flooding.
Florida law requires most homeowners insurance companies to treat hurricanes differently from other covered disasters.[?]
Policies are required to have a separate hurricane deductible, and homeowners choose a deductible of $500, 2%, 5%, or 10% of the dwelling or structure coverage limits.
The hurricane deductible triggers when the National Hurricane Center declares a hurricane anywhere in Florida. It ends 72 hours after the state’s last hurricane watch or warning ends. During this 72-hour period, the hurricane deductible is the only deductible that applies if you file a claim for storm damage to your home.
Hurricane deductibles apply to the calendar year and renew if you switch insurers.
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Condo insurance from Citizens Property Insurance Corp.
Citizens Property Insurance Corp. is a nonprofit insurer that offers last-resort home insurance for Florida homeowners unable to qualify for coverage from private insurers.
Citizens provides liability coverage for Florida condos, plus coverage that protects the interior of your unit, your personal property, and additional living expenses.
Under the company’s depopulation program, Citizens will notify you when a private insurer offers coverage. But you may decline the new coverage if the premium is more than 20% higher than the Citizens rate at renewal.
Optional condo insurance coverages to consider
Standard coverage doesn’t always provide all the protection you need. Fortunately, additional coverage options are available to fill gaps and let you customize your policy.
Common optional coverages you could consider include:
How insurers calculate condo insurance rates
Insurance companies consider many factors when calculating your condominium insurance rates, and they’re all based on risk. Location is a major factor because it determines how susceptible your condo is to crime, catastrophic weather, and other perils. Coastal properties are especially vulnerable to severe weather, which is one reason Florida’s rates are high.
Insurers also look at your:
Claim history: If you’ve filed claims in the past, you might be more likely to file future claims, which could increase your rates. The number of local claims from other homeowners in your area can also affect rates.
Coverages: The amount of standard and optional coverages you have determines how much an insurance company might have to pay out on a claim. Higher claims mean potentially higher rates.
Safety features: Insurers look at whether you have security systems, fire safety equipment, storm shutters, and other risk-reducing improvements installed. Such equipment protects your condo from damage and can lower your rate.
Cost to repair or rebuild: Although your condo’s master plan covers the building, expensive materials in your unit could drive up your rates.
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How to save on Florida condo insurance
Condo insurance premiums aren’t necessarily set in stone. Minor changes to your home and other factors can save you money on your policy.
Here are a few ways to save on Florida condo insurance:
Shop around. Compare quotes and coverages from several companies to find the best deal.
Invest in hurricane protection. Install storm shutters to protect against wind damage.
Bundle policies. Purchase condo and auto insurance from the same company to get a bundling discount.
Change your deductible. Increase your deductible to lower your premium.
Install security features. Add smoke detectors, an alarm system, and deadbolt locks to make your home safer.
Work on your credit. Improve your credit with timely bill payments and low credit usage.
Check for discounts. Ask your insurance agent to review your policy for other discount opportunities.
Important Information for Renters
If you rent a condo, you’ll need your own renters insurance policy to protect your belongings from damage, such as fire or theft. This insurance also covers your basic living expenses if you have to move out while the condo undergoes repairs.
Even if you don’t have a lot of belongings, you can benefit from the liability coverage renters insurance policies offer. If someone hurts themselves while in your unit or suffers property damage and sues you, liability insurance can help cover the costs.
Florida condo insurance FAQs
Florida condo insurance is expensive, and it can even be difficult to find. The better informed you are, the more likely you’ll be to successfully navigate the purchase process. The following answers can help with any lingering questions you may have.
Is condo insurance required in Florida?
No. Condo insurance isn’t required in Florida. Florida law requires condo associations to insure the building and common areas, but you don’t have to insure your individual condo. If you have a mortgage loan on your condo, lenders typically require condo insurance until you pay off the loan.
How do Florida hurricane deductibles work?
Florida hurricane deductibles kick in during a hurricane event. Homeowners can choose their deductible amount — typically $500 or a percentage of the dwelling coverage limit.
What does an HOA master policy cover vs. an HO-6?
An HOA master policy covers the building(s) and common areas, providing liability protection for lawsuits against the association. An HO-6 policy is what condo owners use to insure their units’ interiors and personal property, as well as provide liability protection.
Does condo insurance cover sinkholes?
No. HO-6 condo insurance policies only protect against 16 named perils, and sinkholes aren’t included. But some insurers let you add all-perils coverage, which may offer protection for sinkholes.
What is Citizens, and should you switch if you get an offer?
Citizens is last-resort insurance for Florida homes that aren’t eligible for standard homeowners coverage. But if a private insurer offers coverage that’s less than 20% of the Citizens premium renewal rate, you may be required to switch insurance companies.
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