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Boynton Beach, Fl
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Homeowners
Insurance


For townhomes and condos, structure and grounds insurance is included in the monthly maintenance fee.

But homeowners insurance (fire/theft/windstorm/loss of use/liability) for the individual units is not included. And it turns out that a lot of main line insurance companies e.g. State Farm and Allstate, do not offer homeowners insurance for townhomes or condos in Florida anymore.

That said, Allstate has a business relationship with an insurance company that looks good on paper. And the coverage and prices seem ok e.g. about $545/year in 2015 for a three bedroom condo of which about $150 is for hurricane coverage and the calendar year deductible is $500. A $1000 a year deductible would save approximately $20 per year. See the following table for coverage.

Coverage
 
   
Section I    
A. Dwelling   $36,000
C. Personal Property   $25,000
D. Loss of Use   $10,000
Section II    
E. Personal Liability   $300,000
F. Medical Payments   $1,000

Note 1: This policy meets the state mandated insurance requirements for condo owners in Florida.

Note 2: I asked my Allstate insurance agent what the cost minimum cost of a policy would be that conformed to the new Florida law.

My question - What would be the minimum policies that Green cay Village condo owners could get that would meet the new Florida condo insurance law, for $200,000, 2 bedroom condos and $250,000, 3 bedroom condos?

His answer - I would have to place residents without current insurance with Citizens.  The minimum coverage limits would be dwelling $6K and contents $6K.  Premium would be approximately $250/yr.

Note 3: Flood insurance from rising water is not included in homeowner insurance policies. It can be purchased separately for about $150/year. If I lived in a ground floor condo unit or a town home, I would get this insurance too even though we live in a flood zone with a FEMA x500 annual probability of flooding of 0.2% to 1%.

For more information and a quote, contact the Todd Miller Allstate Insurance Agency located just up the street at the corner of Jog Road and Boynton Beach Blvd.

Office: (561) 736-5700
Fax: (561) 736-6868
Email: Todd Miller

Note: Todd Miller is my insurance agent and based on the service he has provided me in the past, I highly recommend him. However, I do not get paid to advertise for him. Also I will accept no responsibility or liability for the service he provides.

Peter Schulz - Editor

 
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