Condo Insurance in Clearwater, Florida
Learn how to find affordable condo insurance in Clearwater.
Affordable Condo Insurance in Clearwater, Florida
With miles of pristine sandy beaches and coastlines on both the Gulf of Mexico and Tampa Bay, Clearwater is a perfect home for water enthusiasts. Between snorkeling, paddle surfing with sea turtles, and boating in the bay, there’s plenty to keep Clearwater’s 116,000 residents busy.
But its proximity to the coast also means Clearwater is a destination for hurricanes, which can make finding affordable Florida condo insurance a chore. So let’s keep it simple. You’ll find out how much our condo insurance costs and what it covers. Let’s dive in.
Clearwater Condo Insurance Costs
Although Florida property insurance has a reputation for being expensive, we strive to keep condo costs low by selling directly to you (no outside agents) and using technology to cut overhead inefficiencies. We then pass those savings on to you.
The result? Our average yearly premium for a high-rise condo in Clearwater is $1,031 a year, about 44 percent cheaper than Safe Harbor’s average of $1,488.
|Average West Palm Beach Condo Insurance Premiums|
|Low Rise Average Premium|
|High Rise Average Premium|
While average costs are useful to give you a general idea of what you might pay, getting a quote is the only way to know exactly what you’ll pay. Ultimately, your price depends on a lot of factors, like whether you have a high-rise or low-rise condo, its age, proximity to the coast, and construction. For example, in Clearwater, high-rise condos tend to have 30 percent cheaper premiums than low rises. That’s because high-rise buildings tend to be more resilient to hurricane winds.
What Does Clearwater Condo Insurance Cover?
A condo insurance policy or HO6 policy differs from a home insurance in one key way: it doesn’t cover the entire structure of your home, only the interior and (almost) everything in it. That’s because your homeowners association’s master insurance policy typically covers your unit’s exterior and communal spaces, like hallways, courtyards, or terraces. Your condo policy bridges what the master policy doesn’t cover. Condo insurance usually covers:
- Dwelling interior: Pays for structural repairs not covered by the HOA’s master policy, like damage to interior walls, ceilings, and floors.
- Personal property: Pays to repair or replace belongings in your home, like clothing, furniture, and electronics, that were lost or damaged in a covered claim.
- Loss of use: Covers additional living expenses, like temporary housing, transportation, laundry, and more, when a covered claim keeps you from living at home.
- Loss assessment: Helps pay for your portion of a shared loss that your homeowners association’s master policy doesn’t cover for qualifying claims.
- Personal liability: Pays settlement and legal expenses if you’re sued over another person’s property damage or bodily injury.
- Medical payments: Covers small medical bills when guests are injured at your condo.
Condo Coverage for Clearwater’s Natural Disasters
Clearwater’s property crime rate is 26 per 1,000 residents. Luckily, condo insurance covers your home for all perils except those listed as exclusions in the policy. That includes theft and vandalism. But how does your HO6 policy respond to the big disasters like hurricanes, floods, and sinkholes?
Clearwater Hurricane Coverage
The Clearwater hurricane season runs from June through November, but peaks in mid-August through September. For those who’ve lived in Clearwater for any period of time, you already know that even when storms don’t make a direct hit, damage still follows.
That’s why all our condo policies include hurricane insurance. A hurricane deductible applies when your home experiences damage from a named storm. Deductibles default to 2 percent but usually range from $500 to 5 percent.
Clearwater Flood Insurance
Clearwater’s low-lying areas are a prime target for flooding. This is especially true during and after a hurricane or tropical storm. But even with hurricane coverage, condos aren’t covered for flood damage resulting from a storm surge. Every year, local residents and businesses see thousands of dollars in flood damage that isn’t covered by any other policy except flood insurance.
Instead of a restrictive National Flood Insurance Program (NFIP), you can add on flood insurance to your condo insurance with Kin. Prices start as low as $175 a year on average for flood zone X.
Clearwater Sinkhole Coverage
Sinkholes are a reality that looms over (well, under) Clearwater residents. The ground under the city is filled with limestone. When saturated, like after a storm, limestone loses its form and erodes. The erosion can lead to a sinkhole.
Sinkholes can cause tremendous structural damage to your condo. And if it isn’t covered by the master policy or a personal policy, condo unit owners will be left to deal with buckled walls and collapsing ceilings on their own.
How to Keep Clearwater Condo Insurance Affordable
Want to keep your condo insurance affordable? Take advantage of our insurance discounts and see what you qualify for. We reward our customer for:
- Wind mitigation features
- Smart home security systems
- Being 55 years or older
- Signing up for our Responsible Repair discount
- Opting for an electronic policy
Another way to save: check out your deductibles. You can decrease your premium by taking on a slightly higher deductible. This also helps reduce the chance that you make small claims, which can also increase insurance premiums over time.
Get better condo insurance for less. Get a quote today.
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