Wind and Flood Insurance In FL

[Chad R.]

We are in the process of purchasing a condo in Florida and have been obtaining quotes from many insurance companies, getting different/ mixed messages and was hoping to clear things up.

The condo HOA has insurance that covers the exterior, so we just need to cover for the studs-in and contents. Some of the vendors are specifying that we need wind and Flood insurance. We aren't looking to pay for insurance if already covered.

Other Info:

The condo complex is raised (Stilted)

We have requested info from the HOA to see whats covered in the Master policy.

Scenario:

If we don't take this coverage (as its the master policy has wind and flood) and opt for the studs-in and contents only, would we be covered if say in a hurricane the slider glass got damaged by debris and the interior suffered damage, or if a flood affected our second floor unit, maybe even a wave?" 

[Michael Norris]

Florida and coastal states are a different animal when it comes to hurricane and flood insurance. I'm an Ohio agent but my parents live on the coast down there and I've reviewed their coverage a few times. First off - it's corny but true...Only an official "flood policy" covers flood damage. If a high water situation floods your unit only a flood policy will pay for those damages.

For named storms aka hurricanes you should expect a high deductible set as a % of the dwelling or unit coverage amount. Example - If the Unit is covered for $200,000 and you have a 20% hurricane deductible you would pay the first $40,000 to put your unit back together. Without the proper coverage you could be paying all the cost to rebuild the inside of your unit out of pocket. This is why the HOA has an interest in your insurance coverage.

The HOA is covering the outside of the units BUT - if you are unable to rebuild the inside of the unit because you don't have the proper insurance that is bad for all the owners in the association so that's why you are getting heat about having the correct coverage.