Living in a condominium in the sunshine state of Florida may be the perfect balance between owning your own home with a pool and a clubhouse without the responsibility of maintaining a yard, or even the exterior of your home. While condo living may have its advantages a condo owner should know where the condo association’s responsibility ends and his or her Florida condominium insurance responsibility begins.

Every Florida condo association is required by law to purchase hazard insurance to protect the building and community owned property. This policy must include coverage for the full value of replacement costs of the condo structure and any communal property. Every thirty six months the property must be assessed to ensure the value of the building and property match the insurance amount.

The inside of your condo and your personal possessions are your responsibility to insure. Your Florida condominium insurance policy should provide coverage for things like damage to the interior walls, light fittings, floor and window coverings and electrical appliances and equipment. Including liability insurance in your policy in the event someone is injured while inside your condo may also be a wise idea.

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