The Florida Association of Realtors reported a 77% increase in condo sales in Florida during September. Here in Orlando, sales were nearly four times higher than the same month a year ago!
If you are a new condo owner, it's important to note that Florida law requires you to show annual proof of insurance to cover not only typical hazards but also at least $2,000 in "special assessment coverage." Your condo insurance policy must also list the association as an additional named insured.
Should you fail to show proof of insurance each year, your association may purchase the coverage on your behalf and charge you a special assessment for the cost.
Even if you rent the unit out, it is still your responsibility to comply and purchase a policy that meets these requirements.
For more information on how to get the proper insurance coverage for your condo, please visit us on the Web at www.suninsuranceservices.com or call us at 866.786.4613. We can also be reached via e-mail at info@suninsuranceservices.com.
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Sun Insurance Services, Inc. is a family-owned and operated insurance agency located in Orlando, Florida. We write with twenty of Florida's most prestigious insurance carriers and offer our clients a broad range of choice and customization for their insurance needs. Find us on the Web at www.suninsuranceservices.com.
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