Unit Insurance at the Summit (last updated April 1, 2013)
article was put together by volunteers and may be incomplete, contain
errors or become out-of-date. We depend on our community to help us
keep these articles accurate by sending notes to Summit.Observer@gmail.com. Please refer questions to our business office
This is a simplified summary of some of the key issues. Please
your insurance agent to get a fuller understanding of the issues. Refer
to any policy's small print to see what is covered. To see the
breakdown between what an association's insurance policy and what your
unit's insurance policy needs to covers see the handout
provided by a local insurance agent. You will want a different policy
if you live in the unit you own, if you rent out the unit you own, or
if you are a renter.
Owners need insurance on your apartment at the Summit to help protect against loss:
1. Loss of content
2. Cost of
restoration -- any third party services to dry or clean up unit. If
necessary, condo associations do order such services and bill them back
3. Fixing unit
-- Owners are usually responsible for everything to the wall board and
cement floor, including: paint, flooring, built-ins, etc. Owners can
also responsible for any changes they have made inside walls
such as plumbing. Owners also may have to deal with expensive mold
4. Any liability
for damage caused to surrounding units and to the common area and facilities. For example, a leak in your
plumbing can cause expensive problems for all the units below you.
use their own insurance policy to fix any damage, even if there might
be potential liability from another unit. It is usually their insurance company's
option to then go against the other unit owner (and/or their insurance
company.) If you wait on the other unit's insurance company you might
find your unit unfixed (and perhaps uninhabitable) for a long time
Looking for coverage? The
office has the name of insurance agents that have been willing to
write insurance policies for our units. Also try the free property
insurance referral service FMAP (Florida Market Assistance Plan) at
800.524.9023 or fmap.citizensfla.com.
To reduce the cost of your policy:
1. Give a copy of
the Summit's packet of certificates to your insurance agent. This proves the safety features of our building.
2. Let the agent know if you have hurricane windows or shutters. (Or get them.) For example, a recent policy was reduced from $1201 to $573!
3. Choose as high a deductable as you are comfortable with.
Another critical idea for protecting your unit is to have a maintenance contract with a reputable firm. See Maintenance Contracts.