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Jackie Colson-Miller

Jackie Colson-Miller, CIPS
Certified International Property Specialist
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Tampa Real Estate
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Tampa, FL 33609
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Special Insurance Coverage For Condominium Owners…Tampa Real Estate News

When you are buying a condominium in Tampa, or on Clearwater Beach, too often, a homeowner is rushing to purchase Homeowners insurance prior to closing, and realizes, only after a peril, that several hundred dollars in additional insurance coverage may have saved him THOUSANDS in a loss or damages. Many insurance agents do not take the time to offer all of the various riders or policies available, so the astute homebuyer needs to do a little homework.

Loss Assessment Coverage

Florida is filled with condominiums and this unique coverage should be purchased by every condominium owner! It covers the cost of a Atriumspecial assessment to the unit owner, when that assessment is caused by a liability to the condominium association in excess of the limits of theMaster Policy , that is the policy paid for by the HOA fees for structure and liability insurance.

For example, several years ago one of the condominiums in Tampa, on Bayshore Boulevard, needed structural work to each of the balconies, due to a construction flaw. This resulted in a special assessment to each of the unit owners in excess of $8,000. Loss assessment coverage would have cost less than $75/year, but few condominium owners are aware that such coverage exists, so most of the owners had to bear that expense out-of pocket! OUCH!

When you are purchasing a condominium, ask your agent for Loss Assessment coverage Not all insurance companies offer it, so you may have to call several companies before you find it. Special Assessments are very common, so start shopping for insurance long before your closing day and make sure you are FULLY insured.

If you are a current condominium owner, call your agent and add Loss Assessment coverage to your current policy today!

If you are looking for the perfect condominium in Tampa, Clearwater Beach, or St. Pete Beach, contact me today.

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This entry was posted on Sunday, March 9th, 2008 at 2:05 am and is filed under Florida Condominiums, Florida Real Estate, Insurance, Real Estate News, Tampa. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

5 Responses to “Special Insurance Coverage For Condominium Owners…Tampa Real Estate News”

  1. Fifika says:
    July 13, 2007 at 9:05 am

    I love your articles. They are so helpful and informative.

  2. b kent says:
    July 14, 2007 at 8:12 am

    I certainly will check my policy for loss assessment coverage. Thanks

  3. Sig - Assoc. Pres. says:
    August 22, 2007 at 7:05 pm

    Good Subject. Not understood by most people.
    We are in the process of filing for damage from Wilma.
    Also am publishing info to all our unit owners.
    Claims can amount to thousands. Deductibles and
    Limits can be different for wind damage.
    Thanks for the article.

  4. Cyndee says:
    March 11, 2008 at 2:24 am

    Jackie – great article on little known insurance option.

  5. Concerned Agent says:
    January 15, 2009 at 12:45 pm

    It’s so funny how everyone is always ready to point their fingers at the Insurance Agents!! People dont CARE about their Homeowners Insurance “until” there is a claim. They call me EVERYDAY and say they JUST WANT THE MINIMUM coverage. They dont want to listen to what I have to say or advise “most of the time”. They always think I am trying to sell them something they dont need. It has come to a point where each coverage they reject must be signed off on so when it happens and they say “Oh well my agent never told me” I can show them I did. No, they dont want to hear it. They want the lowest price so they can close… This is good info and it is good that someone else is telling them because they dont want to hear it from the Insurance Sales Person… And yes, I get very bitter.

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