HO-6 · Brickell & Downtown
Condo insurance for high-value units in Brickell.
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Where your condo policy starts
A condo in Brickell sits under two policies. Florida law has the association insure the building as originally installed and leaves the unit's interior items, upgrades and your belongings to you. Your own condo policy, the HO-6, picks up where the building's ends, and how you use the unit, whether you live there or rent it, changes what it needs.
Where the building's policy ends and yours begins
In a Florida condominium, the association insures the building as it was originally installed, and section 718.111 of the Florida Statutes sets the edge of that policy at your unit's interior. Floor, wall and ceiling coverings, built-in cabinets and countertops, appliances, electrical fixtures, water heaters and filters, window treatments and everything you own stay on your side of the line.
Your association's declaration says exactly where that line falls in your building, so it is worth one careful reading before you choose limits. What the association's master policy is for is a subject of its own.
Finishes and upgrades: valuing a high-end interior
Upgrades such as stone floors, custom millwork, a redesigned kitchen or built-in technology are usually the unit owner's to insure, not the building's. What matters is what it would cost to rebuild them today, which can be very different from what they cost when they were installed. Keeping invoices, plans and photos of the work makes that conversation with an agent easier, and any future claim too.
Jewelry, art and collections
A standard condo or home policy usually caps what it pays for certain kinds of belongings, such as jewelry, watches, art or collectibles. High-value pieces often need to be listed and insured on their own, typically with an appraisal or a receipt for each one. An agent can go through what you own and how your policy treats it.
Living somewhere comparable after a loss
If a covered loss leaves your unit unlivable, what matters is whether the policy's limit for living elsewhere reaches a place of a similar standard, for as long as the repairs take. That limit varies by policy, so it's worth checking it against the life you actually live.
Liability, umbrella and flood
A condo policy usually includes personal liability, for harm to other people that you're responsible for. On a high-value unit the limit is worth comparing with what you own, and an umbrella over your liability extends it across your policies.
Flood water takes a separate policy. According to FEMA, the National Flood Insurance Program covers a condo unit up to $250,000 for the building and $100,000 for contents. A new flood policy doesn't start the day you buy it: see how long before flood insurance starts in Florida, and what a separate flood policy adds.
Renting it long-term
Before you sign a lease, read your association's rules on rentals. Under section 718.110(13) of the Florida Statutes, an amendment that prohibits renting, changes the rental period or limits how often units can be rented applies only to owners who consented to it and to owners who bought after it took effect.
If a covered loss leaves your unit unlivable, the rent you were collecting may stop while repairs are made. Some policies can include coverage for that lost income and some don't, so it's worth asking how yours handles it before you sign a lease or take the first booking.
Your tenant's own belongings, and their liability, are usually theirs to insure with a renters policy.
Renting it short-term
Under sections 509.013 and 509.242 of the Florida Statutes, a condo unit rented to guests more than three times in a calendar year for less than 30 consecutive days, or advertised that way, is a vacation rental and needs a license from the state's Division of Hotels and Restaurants. Miami-Dade also requires registering to collect tourist taxes on rentals of six months or less.
Guests change the risk in ways a lease doesn't: different people every week, furniture and linens that stay in the unit, and building rules that now reach someone you've never met. The wording that matters sits in the policy's definitions, where terms like residence premises, business pursuits and rental to others decide how a loss during a booking is treated. Those lines are easier to read before the first reservation than after a claim.
What it usually covers
- Usually covered: The inside of your unit: floors, walls, cabinets and fixtures
- Usually covered: Your belongings
- Usually covered: Liability if someone gets hurt in your unit
- Not covered: Flood water. That takes a separate flood policy.
Coverage depends on the carrier and the policy you choose.
Excellent experience with We Insure Downtown Miami. The team was professional, responsive, and very clear throughout the entire process.
Questions from condo owners
What does Florida law leave to me inside my unit?
Does Florida require loss assessment coverage on a condo policy?
Can my building stop me from renting my unit?
Do I need a license to rent my condo short-term?
If I'm with Citizens, do I have to buy flood insurance for my condo unit?
Does my condo policy cover me if I rent my unit out?
Who pays to rebuild my upgrades if the building is damaged?
More answers on our insurance blog.