Sarasota boasts over 35 miles of stunning, white-sand beaches, but locals know there’s so much more to the city than its coastline. Whether you want to kayak through mangroves, take in the culture at a local museum, or stroll through one of its many parks, Sarasota has something for you. No wonder more than 54,000 people call the area home.
But as Sarasotans know, living near the Gulf of Mexico definitely has its disadvantages, too. They feel the impact of hurricanes and tropical storms on average once every four and a half years.
That’s where we come in. While we can’t stop hurricanes from blowing, we can help you protect your most valuable asset with condo insurance in Sarasota, Florida.
What does Sarasota condo insurance cover?
Florida condo insurance, also called an HO6 policy, comes with several coverage parts, each of which helps you recover from financial losses. These coverage parts are:
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Dwelling coverage. In an HO6 policy, this typically helps you pay for damage to your particular unit when it’s caused by a variety of perils
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Personal property coverage. The coverage part helps repair or replace your belongings, such as furniture, electronics, and clothing.
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Loss of use coverage. If damage from a covered peril makes your condo uninhabitable, your insurance company may cover some of your additional living expenses.
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Loss assessment coverage. This coverage can help you pay your portion of a shared loss that exceeds your condo board insurance deductible.
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Personal liability coverage. If you’re responsible for another party’s loss, your personal liability coverage can help you pay for claimed damages your legal expenses.
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Medical payments coverage. You can use your medical payments coverage to help pay some of the medical bills for an injured guest.
One important thing to remember about condo insurance is that it covers your property (i.e., you unit and its contents). Common areas, like garages, hallways, and courtyard, are usually covered by your homeowners’ associations (HOA) insurance.
How much does condo insurance cost in Sarasota?
The likelihood of hurricanes makes Florida homeowners insurance some of the most expensive coverage in the US, and the same holds true for condo insurance. In fact, Sunshine State condo owners pay an average of $966 per year for their HO6 policies. That puts them at the top of the list for most expensive condo insurance premiums.
Chances are that premiums for most Sarasota condos fall at or above the state average due to the city’s location on the coast. But location isn’t the only factor insurers look at when determining premium. They might also consider:
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The number of stories in your building.
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Your claims history.
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The value of your personal property.
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Your building’s age and construction materials.
At Kin, we use technology to collect and analyze tons of insurance data to give you as accurate of a rate as possible. Your premium represents the risk your condo faces – not the risk your neighbors face. As a result, many of our members find they save money when they switch to us.
The best way to know what you’ll pay for coverage is to get a quote. It’s fast, easy, and free!
How Sarasota condo insurance covers natural disasters
As a Sarasota resident, you need to consider how your condo insurance protects your finances even in worst case scenarios, particularly hurricanes, floods, and sinkholes. Read on to see how easy it is to get the coverage you want in one policy.
Hurricane insurance
Sarasota sees hurricanes approximately every two years. In some cases, the storms brush the area, but the city can experience a direct hit – as it did when Hurricane Ian struck in 2022. Unfortunately, many experts believe hurricanes are becoming more frequent and more severe, which means you need a condo policy that includes hurricane insurance.
Like most standard condo insurance, our policies cover damage caused by hurricane winds. We also offer a variety of hurricane deductibles, so you can pick an amount you’re comfortable covering should you experience damage from a named storm.
Flood insurance
Flood maps for Sarasota County shows the area has several flood zones, including:
What’s more, Risk Factor estimates that 34% of all properties in Sarasota have a greater than 26% chance of experiencing flood over the next 30 years.
While many condo owners get their flood coverage through the National Flood Insurance Program (NFIP), they do have another option: getting covered through a private insurer like Kin. We offer flood insurance as an endorsement to your HO6 policy for as little as $175 a year. This means::
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You pay one premium for your condo and flood insurance.
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Your standard deductible applies to both flood and condo claims.
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You work with one company for claims, payments, and service.
Catastrophic ground collapse coverage
Sinkholes can happen anywhere, but unfortunately, Florida is one of the top states for sinkhole-related damage. As a result, Florida home insurance companies have to include catastrophic ground cover collapse coverage. This coverage kicks in when all of the following conditions are met:
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The ground cover abruptly collapses.
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A depression in the ground cover is clearly visible to the naked eye.
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There’s structural damage to the home and its foundation.
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A government agency condemns the home and orders it to be vacated.
Note: Catastrophic ground cover collapse coverage is different from sinkhole insurance that some companies offer as an endorsement..
Tips for keeping condo insurance affordable in Sarasota
Trying to save money so you can enjoy the Sarasota lifestyle just that much more? One option is to raise your deductible. This usually results in a lower premium. Just be sure to pick a deductible you can afford even after a disaster because that's the amount you’re responsible for covering before your coverage kicks in.
You can also get insurance discounts for:
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Wind mitigation features.
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Smart home security systems.
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Being a condo owner 55 years or older.
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Signing up for our Responsible Repair discount.
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Opting for an electronic policy.
Get the right condo insurance policy for the best price. Get a quote today.
