{"id":777,"date":"2016-05-17T09:54:04","date_gmt":"2016-05-17T09:54:04","guid":{"rendered":"https:\/\/pablobeach.shapiroinsurancegroup.com\/?p=777"},"modified":"2018-02-14T02:12:52","modified_gmt":"2018-02-14T02:12:52","slug":"differences-homeowners-insurance-policy-condo-policy","status":"publish","type":"post","link":"https:\/\/pablobeach.shapiroinsurancegroup.com\/differences-homeowners-insurance-policy-condo-policy\/","title":{"rendered":"The Differences Between a Homeowners Insurance Policy and a Condo Policy"},"content":{"rendered":"

<\/p>\n

 <\/p>\n

When speaking with clients, there is often times confusion on the difference between a Homeowners Insurance Policy and a Condo Policy.\u00a0If you are in the market for a new condo, or looking to review your current policy, know that there are differences between\u00a0condo insurance<\/a>\u00a0<\/strong>and\u00a0homeowner\u2019s insurance. Let\u2019s break it down.<\/p>\n

Technical, But Important<\/h2>\n

In insurance terms, a\u00a0Homeowners policy<\/a><\/strong>\u00a0is called an HO-3 policy and a Condo insurance policy is called a HO-6 policy.<\/p>\n

HO-3<\/h2>\n

With a\u00a0HO-3 policy<\/a>,<\/strong>\u00a0we are concerned about the dwelling value itself for replacement. This has nothing to do with market value or sales price. There are six main coverages including the deductibles for Hurricane and AOP (all other perils). \u00a0The main coverages are A, B, C, D, E & F plus the deductible options.<\/p>\n

These coverages are generally based on %\u2019s of the dwelling amount. For example, let\u2019s take a dwelling coverage amount of $200k. Your coverages would look something like this.<\/p>\n

    \n
  1. Dwelling \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0$200k<\/li>\n
  2. Other structures \u00a0\u00a0$ \u00a020K \u00a010%<\/li>\n
  3. Personal Property $100k \u00a050% always ask for Replacement Cost<\/li>\n
  4. Loss of use \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0$ 60K \u00a0\u00a030%<\/li>\n
  5. Personal Liability \u00a0\u00a0$300k<\/li>\n
  6. Med Payments \u00a0\u00a0\u00a0\u00a0\u00a0$ \u00a0\u00a0\u00a0\u00a05K<\/li>\n<\/ol>\n

    AOP Deductible \u00a0\u00a0\u00a0\u00a0$1,000<\/p>\n

    Hurricane Deductible \u00a0\u00a02% of coverage A. Dwelling amount which would be $4K<\/p>\n

    HO-6<\/h2>\n

    With a\u00a0HO-6, Condo Policy<\/a><\/strong>\u00a0it is similar but you need to know where to start. When you insure the Condo your\u00a0dwelling<\/strong>\u00a0amount is from the walls in and concrete floors. The Master Condo Association policy will build back the structure to that (i.e. Drywall and Concrete floors). You will need to cover it for paint, flooring, cabinets, appliances etc. Basically, you are covering anything permanently attached.<\/p>\n

    Generally speaking, you want to start out somewhere between $35-$50 per square foot for replacement on the condo dwelling. For example, if you have a 1,500 square foot condo x $35 that would give you $52,500 coverage on the dwelling.<\/p>\n

    On top of the dwelling, you need to consider your Personal Property. This would include furnishings, clothes, electronics, pots and pans, everything. This is where you would need to do an evaluation and let you agent know what you need. Your other coverages would fall into place like the HO-3 homeowner\u2019s policy for Liability and Med Pay. The same would apply to the deductibles that you can choose to your comfort level.<\/p>\n

    Hopefully this clears up the basic\u00a0differences between Homeowners and Condo Insurance<\/a>.\u00a0Yes, there are a lot of variables that go into insurance policy selection and pricing. Being one of Florida’s top homeowners insurance agents over the last 11 years has given us plenty of experience and expertise to ensure you have the right coverage at the right price.\u00a0Contact us today<\/a>\u00a0to discuss your needs.<\/strong><\/p>\n

    \n

    Pablo Beach Insurance<\/h1>\n

    The BEST Insurance Agency in Jacksonville!<\/h2>\n

    For over 13 years, PBIG has been helping Florida Homeowners by getting them the right coverage at the right price. We are locally owned, have a casual approach, and deliver professional results.\u00a0Click the image below<\/strong>\u00a0<\/a>to get a no-hassle, free quote from one of our home insurance experts.<\/p>\n

    \"Request<\/a><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

      When speaking with clients, there is often times confusion on the difference between a Homeowners Insurance Policy and a Condo Policy.\u00a0If you are in the market for a new condo, or looking to review your current policy, know that there are differences between\u00a0condo insurance\u00a0and\u00a0homeowner\u2019s insurance. Let\u2019s break it down. Technical, But Important In insurance […]<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[24,7],"tags":[],"yoast_head":"\nThe Differences Between a Homeowners Insurance Policy and a Condo Policy - Pablo Beach Insurance Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pablobeach.shapiroinsurancegroup.com\/differences-homeowners-insurance-policy-condo-policy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Differences Between a Homeowners Insurance Policy and a Condo Policy - Pablo Beach Insurance Group\" \/>\n<meta property=\"og:description\" content=\"  When speaking with clients, there is often times confusion on the difference between a Homeowners Insurance Policy and a Condo Policy.\u00a0If you are in the market for a new condo, or looking to review your current policy, know that there are differences between\u00a0condo insurance\u00a0and\u00a0homeowner\u2019s insurance. Let\u2019s break it down. Technical, But Important In insurance […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pablobeach.shapiroinsurancegroup.com\/differences-homeowners-insurance-policy-condo-policy\/\" \/>\n<meta property=\"og:site_name\" content=\"Pablo Beach Insurance Group\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/PabloBeachInsuranceGroup\" \/>\n<meta property=\"article:published_time\" content=\"2016-05-17T09:54:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-02-14T02:12:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/pablobeach.shapiroinsurancegroup.com\/wp-content\/uploads\/2016\/05\/14B30A6585.jpg\" \/>\n<meta name=\"author\" content=\"Gilberto Rodriguez\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gilberto Rodriguez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/pablobeach.shapiroinsurancegroup.com\/differences-homeowners-insurance-policy-condo-policy\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/pablobeach.shapiroinsurancegroup.com\/differences-homeowners-insurance-policy-condo-policy\/\"},\"author\":{\"name\":\"Gilberto Rodriguez\",\"@id\":\"https:\/\/pablobeach.shapiroinsurancegroup.com\/#\/schema\/person\/74ca87cefc774f198fcc73c5adeb3ff9\"},\"headline\":\"The Differences Between a Homeowners Insurance Policy and a Condo Policy\",\"datePublished\":\"2016-05-17T09:54:04+00:00\",\"dateModified\":\"2018-02-14T02:12:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/pablobeach.shapiroinsurancegroup.com\/differences-homeowners-insurance-policy-condo-policy\/\"},\"wordCount\":514,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/pablobeach.shapiroinsurancegroup.com\/#organization\"},\"articleSection\":[\"Condo Insurance\",\"Homeowners Insurance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/pablobeach.shapiroinsurancegroup.com\/differences-homeowners-insurance-policy-condo-policy\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/pablobeach.shapiroinsurancegroup.com\/differences-homeowners-insurance-policy-condo-policy\/\",\"url\":\"https:\/\/pablobeach.shapiroinsurancegroup.com\/differences-homeowners-insurance-policy-condo-policy\/\",\"name\":\"The Differences Between a Homeowners Insurance Policy and a Condo Policy - 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