How Much is Enough? Getting Adequate Homeowners Coverage

 Legendary funny man Benny Goodman once said, “I don’t want to tell you how much insurance I carry with the Prudential, but all I can  say is: when I go, they go too!” The comedian hits on all-important issue: how much insurance is too much, and  how much is not enough?  

 While individual residents of a multifamily association in Florida are  encouraged to carry adequate coverage in case of a severe accident or  catastrophe, condominium and homeowner association boards have a stake in their  residents carrying adequate insurance as well.  

 Cover Yourself

 “In order to determine whether an owner/shareholder has adequate coverage for  their possessions, all owners/shareholders should obtain a copy of the master  insurance policy of the association to determine what property is covered under  such policy,” says Michael Bender, an attorney and partner with the law firm of Kaye Bender  Rembaum in Pompano Beach. He adds that an owner can make a written request to  the association to inspect the “official records,” which must include a copy of all insurance policies of the association.  

 While some condominium associations offer all-in coverage in their master  policy, the vast majority require unit owners to carry HO-6 or 'dwelling  coverage' as well. According to insurance industry website,, these insurance policies usually cover things like  accidental discharge or overflow of water from your plumbing, fire and  lightning, explosions, theft, vandalism and malicious mischief, sudden  accidental damage from smoke, and so forth.  


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