If you own a condo in Florida, you've probably heard conflicting information about insurance. Your condo association has a policy. Your mortgage lender requires you to have one too. And then there's something called HO-6 coverage that everyone keeps mentioning. Here's what actually matters: your association's master policy covers the building and shared spaces, but you need your own HO-6 policy to protect everything inside your unit, your personal belongings, and yourself from liability. In Florida, where hurricanes are a fact of life and insurance costs have skyrocketed, understanding exactly what you're paying for isn't just helpful—it's essential.
What HO-6 Condo Insurance Actually Covers
Think of HO-6 insurance as the policy that picks up where your condo association's master policy stops. The association covers the building's exterior, roof, common areas like hallways and pools, and the building's structure. Your HO-6 policy covers everything from the drywall inward. That means your kitchen cabinets, bathroom fixtures, flooring, paint, and any upgrades you've made to your unit. It also covers your personal belongings—furniture, electronics, clothing, and everything else you own.
But here's what surprises most condo owners: the most important part of your HO-6 policy is often the liability coverage. If someone slips and falls in your unit, or if water leaks from your dishwasher and damages the unit below, you could be personally liable for thousands in damages and medical bills. Your HO-6 policy handles that. Most policies include $100,000 to $300,000 in liability coverage, and you can increase it if needed.
Loss Assessment Coverage: Florida's Critical Requirement
Here's something every Florida condo owner needs to understand: loss assessment coverage. By state law, your HO-6 policy must include at least $2,000 of this coverage. What is it? It's protection against special assessments your condo association might levy on owners when the master policy doesn't cover all the costs after a disaster.
Let's say a hurricane damages your building's roof, and the repair costs $500,000. Your association's master policy has a $250,000 deductible. That shortfall gets divided among all unit owners as a special assessment. If you're one of 100 owners, you could suddenly owe $2,500 on top of any damage to your own unit. Loss assessment coverage helps pay that bill. The state-mandated $2,000 minimum often isn't enough, though. Insurance experts recommend Florida condo owners carry $10,000 to $25,000 in loss assessment coverage, especially in older buildings or coastal areas where hurricane damage is more likely and repair costs are higher.
Wind and Hurricane Coverage in Florida
If you have a mortgage on your Florida condo, wind and hurricane coverage isn't optional—it's required. This coverage is typically bundled into your HO-6 policy, but it comes with a separate hurricane deductible that works differently from your standard deductible. While your regular deductible might be $500 or $1,000, your hurricane deductible is usually calculated as a percentage of your dwelling coverage—typically 2% to 10%.
Here's how that math works: If your mortgage lender requires dwelling coverage equal to 20% of your condo's value, and your condo is worth $250,000, you'd need $50,000 in dwelling coverage. With a 5% hurricane deductible, you'd pay the first $2,500 of any hurricane-related claim before your insurance kicks in. That's significantly more than a standard deductible, so it's worth understanding this number before hurricane season arrives.
The good news? Florida recently launched the My Safe Florida Condo pilot program, which provides free wind mitigation inspections and grant funding for improvements like impact-resistant windows, reinforced roof attachments, and hurricane shutters. These improvements can potentially lower your wind insurance premiums, and in a state where coastal condo owners can pay over $2,500 annually for insurance, those savings add up quickly.
How Much Does Condo Insurance Cost in Florida?
Florida condo insurance costs have fluctuated dramatically in recent years. As of 2024, most owners pay between $1,000 and $2,500 per year for HO-6 coverage, but that average masks huge regional differences. In Tallahassee, you might pay around $675 annually. In Miami, the average jumps to $2,570. That's nearly four times the difference based purely on location and hurricane risk.
Several factors drive your specific rate. Coastal condos pay more than inland properties. Older buildings cost more to insure than newer construction with modern wind mitigation features. The amount of coverage you choose matters too—higher dwelling coverage and liability limits mean higher premiums. Your deductible selection also plays a role; choosing a higher deductible lowers your premium but means more out-of-pocket costs if you file a claim.
There's a silver lining in recent data: after years of increases, condo insurance prices in Florida dropped slightly in late 2024 for the first time in the report's history, declining by 1.7%. It's a small decrease, but it suggests the market may be stabilizing after the dramatic increases of 2022 and 2023 when some owners saw their premiums double.
Getting Started: What You Need to Do
First, get a copy of your condo association's master policy. You need to know exactly where their coverage stops so you can ensure your HO-6 policy picks up seamlessly. Pay special attention to whether the master policy covers from the studs in or from the drywall in—this determines how much dwelling coverage you need.
Next, create a home inventory of your belongings. Take photos or videos of your furniture, electronics, clothing, and valuables. Estimate their replacement value—this helps you determine how much personal property coverage you need. Many people underestimate this number and end up underinsured.
Shop around for quotes from multiple insurers. Prices vary significantly between companies in Florida, and the cheapest option isn't always the best value. Look at what's actually covered, the policy limits, the deductibles, and the insurer's reputation for paying claims. Ask specifically about increasing your loss assessment coverage beyond the $2,000 minimum—this is one of the most important coverage upgrades you can make in Florida.
Finally, review your policy annually. Florida's insurance landscape changes fast, and your coverage needs might too. If you make upgrades to your unit, update your policy. If your association increases its master policy deductible, you might need more loss assessment coverage. And if you're paying significantly more than average for your area, it's worth shopping around again—the market is competitive, and loyalty doesn't always pay when it comes to insurance premiums.
