Could anyone tell me what the advantages might be for wind insurance in Florida for Condos? Specifically, this is in regards to a rental (unfurnished) unit with tile floors. Honestly - if the wind broke the large window - not sure what of the condo might be damaged? As I understand it, the HOA covers the exterior, and other than some drywall - not sure what might be lost in a storm? Note - I grew up in Florida and have yet to have a wind related problem, but don't want to be ignorant of the risks.
I would think the exposure would be the building were to partially blow over or the roof blew up and dumped large amounts of water in the building. The biggest exposure would be tornado's. Bylaws and/or Covenants determine what your obligations are in regards to the interior of the buildings.
@Chris Stratton the main thing to consider is wind coverage versus named storm coverage. Your homeowners policy should include coverage for a named storm which means if a storm is categorized as "Hurricane Sandy" then you have coverage. If you don't buy wind coverage: In the event that the winds are bad enough to cause damage but the storm is not strong enough to be an official named storm, then you would not be covered.
Originally posted by @Danny Randazzo : Your homeowners policy should include coverage for a named storm
So - I'd be covered for Irma WITH NO WIND COVERAGE addendum, but not for a tornado? Honestly - for about 30-40% extra cost, I'm wondering wny bother???
@Chris Stratton your logic is right. I'd recommend reviewing your specific policy with the agent selling it and ensure you know exactly what is covered versus not covered. Evaluate your costs, risks, and make a decision.