Buying a condo on Singer Island should feel easy. Then you see the insurance documents and it gets confusing fast. You are not alone. Between the association’s master policy, your HO‑6 policy, hurricane deductibles, and flood coverage, there are a lot of moving parts. In this guide, you will learn what the master policy covers, what your HO‑6 should include, how hurricane and flood coverage work on coastal high‑rises, and what to confirm before you close. Let’s dive in.
What condo insurance covers on Singer Island
Master policy basics
The condo association buys a master policy for the building and common elements. This typically covers the structure, shared systems, and liability in common areas. The exact scope follows the association’s declaration and Florida condominium law. The declaration and the master policy determine who insures what and how losses are allocated.
On Singer Island high‑rises (think of a building like Tiara as a typical example), the master policy often includes wind or hurricane coverage with a separate hurricane deductible. Flood is usually handled by a separate association flood policy if one is in place.
Your HO‑6 policy
Your HO‑6 is your personal condo policy. It normally covers your personal property, personal liability, loss of use, and interior improvements or finishes that are not covered by the master policy. It can also include loss assessment coverage, which helps pay your share if the association charges owners for a deductible or an uncovered part of a claim. The right HO‑6 limits depend on what the association’s policy includes and the size of the master policy deductible.
What your documents reveal
To understand your coverage, start with two items:
- The Declaration of Condominium and insurance clauses, which define the split between association and owner responsibilities and how deductibles are allocated.
- The Certificate of Insurance (COI) for the master policy, which states policy type, limits, and deductibles.
These documents tell you whether the master policy is “all‑in” or “bare walls‑out,” what perils are covered, and how big the hurricane deductible is.
Wind, hurricane, and flood coverage
Wind and hurricane on coastal high‑rises
Most association master policies on Singer Island include wind or hurricane coverage. These policies often carry a separate hurricane deductible that is either a flat amount or, more commonly for associations, a percentage of the building’s insured value. On coastal high‑rises, percentage deductibles often range from 1% to 10%, with 2% to 5% seen frequently. Actual terms vary by carrier and renewal conditions.
Your HO‑6 may also include wind or hurricane coverage for your contents and interior improvements. HO‑6 wind deductibles are often flat dollar amounts, such as $500 to $5,000, although carrier practices vary.
Flood is separate from wind
Flood is not covered by standard master policies or HO‑6 policies. Flood coverage is provided by the National Flood Insurance Program or private carriers. Associations may carry a Residential Condominium Building Association Policy (RCBAP) for the building. Even if the association has flood coverage, you may still need your own flood policy for contents and any interior areas you insure.
Singer Island buildings are often mapped in Special Flood Hazard Areas. If your building or unit is in one of these zones, your lender will generally require flood insurance. Confirm whether the association carries flood coverage and what it includes.
How deductibles impact owners
Percentage hurricane deductibles on high‑value buildings can equal very large dollar amounts. For example, a 2% deductible on a $50 million building equals a $1 million deductible. How the association funds that deductible depends on the declaration and available reserves. Many associations levy special assessments on owners if reserves are not enough. Your loss assessment coverage can help with that exposure, subject to the terms and limits of your HO‑6.
Confirm the master policy form
“All‑in” versus “bare walls‑out”
- All‑in (sometimes called wall‑in or single entity): The master policy covers the building exterior and many interior structural components, and sometimes certain finishes. You still need HO‑6 coverage for your personal property, liability, loss of use, and any interior improvements that exceed what the master policy defines.
- Bare walls‑out: The master policy covers the building shell and common elements, but you insure interior finishes like flooring, cabinetry, built‑ins, and fixtures under your HO‑6. This shifts more responsibility to you.
Labels vary, verification is key
Carriers and associations use different terms. Rely on the declaration and the master policy’s COI to confirm who insures what, which perils are covered, and how deductibles are allocated.
What to request before you close
From the association
- Declaration, bylaws, and rules, focusing on insurance clauses and deductible allocation.
- Current Certificate of Insurance for the master policy that shows policy type, perils, limits, and deductibles (percentage or dollar amount).
- Any association flood policy details (RCBAP or private flood), if applicable.
- Meeting minutes for the past 12 to 24 months that reference insurance renewals, claims, or reserve transfers.
- Latest reserve study and financial statements to understand how deductibles might be funded.
- Claims history and any special assessments for the past 3 to 5 years.
From your insurance agent
- HO‑6 quotes that include contents, interior improvements if needed, liability, loss of use, and loss assessment coverage aligned to the master deductible. Many owners consider $25,000 to $100,000 in loss assessment coverage for high‑rise buildings with percentage deductibles.
- Flood insurance guidance for your unit. Confirm if you need contents and walls‑in coverage in addition to any association flood policy.
- Endorsements to consider, such as deductible reimbursement for association assessments or ordinance and law coverage for code‑required upgrades inside your unit after a covered loss.
From your lender and closing team
- Lender minimums for HO‑6 and flood insurance, including timing and the required mortgagee clause.
- Confirmation that your HO‑6 and flood policies will be in effect on your closing date.
How loss assessment coverage works
Loss assessment coverage helps when the association levies a special assessment due to a covered loss, such as a hurricane, that is subject to the master policy deductible or an uncovered portion of the claim. The right amount varies by building and by the size of the master deductible.
On Singer Island high‑rises, percentage deductibles can create large assessments. Discuss realistic scenarios with your insurance agent and consider limits that match your risk tolerance. Many owners look at $25,000 to $100,000 limits, but your choice should be based on the association’s deductible and reserves.
Real‑world scenarios and sample numbers
- Hurricane damages roofs and façade. The association’s master policy responds, but the percentage hurricane deductible equals $750,000. The association has $200,000 reserved. The board issues a pro‑rata special assessment for the remaining $550,000. Your loss assessment coverage may help, subject to your policy limits and terms.
- A severe storm leads to flooding on lower levels. The master property policy does not cover flood. If the association does not carry an RCBAP and you do not have a flood policy, you could be uninsured for both structural and contents flood damage. Lenders generally require flood insurance if you are in a mapped high‑risk zone.
Timeline for binding coverage
- 30 to 45 days before closing: Start applications for HO‑6 and flood coverage. Coastal underwriting can take time, and some carriers require inspections.
- During due diligence: Review the declaration and the master policy COI to confirm policy form, perils, and deductibles. Share these with your insurance agent to set proper limits.
- Two weeks before closing: Finalize quotes, align deductibles, add endorsements, and confirm lender requirements.
- At closing: Ensure your HO‑6 and flood policy effective dates match the closing date. Provide certificates to your lender and, if required, the association.
Pro tips for Singer Island buyers and new owners
- Match your HO‑6 to the master policy. Your coverage should fill gaps, not duplicate them.
- Plan for the hurricane deductible. Percentage deductibles can be large. Choose loss assessment limits with this in mind.
- Treat flood separately. Verify whether the association carries an RCBAP and whether you need contents and walls‑in coverage.
- Watch the documents. The declaration controls who pays what and how deductibles are allocated. The COI confirms current policy terms.
- Coordinate early with your lender. Lender requirements often drive timing and minimum coverages.
Final thoughts
Condo insurance on Singer Island comes down to alignment. The master policy, your HO‑6, and any flood coverage should work together so you are not surprised by deductibles or assessments. By reviewing the declaration and COI, confirming deductibles, and selecting the right HO‑6 limits and endorsements, you can close with confidence and protect your investment.
If you want building‑specific guidance, a review of documents, or trusted referrals to local insurance pros, connect with Kathy Lewellen for a tailored, concierge conversation.
FAQs
What is the difference between a master policy and an HO‑6 for a Singer Island condo?
- The association’s master policy covers the building and common elements, while your HO‑6 covers your personal property, liability, loss of use, and interior finishes that are not insured by the master policy.
How do hurricane deductibles work in coastal condo buildings?
- Many master policies use a percentage hurricane deductible, often 1% to 10% of the building’s insured value. The association may assess owners to fund the deductible if reserves are not sufficient.
Do I need flood insurance if my association has a policy?
- Possibly. An association flood policy, such as an RCBAP, covers the building. You may still need your own flood policy for contents and any interior areas you insure. Lenders generally require flood insurance in high‑risk zones.
How much loss assessment coverage should I carry?
- It depends on the association’s hurricane deductible and reserves. Many owners consider $25,000 to $100,000, but you should select a limit that aligns with your building’s deductible exposure.
Who pays the association’s deductible after a covered loss?
- The declaration controls allocation. Some associations pay from reserves, some levy a special assessment on all owners, and others may assign the deductible to impacted units in certain cases.
What if the master policy is “all‑in” for interiors?
- You still need an HO‑6 for personal property, liability, loss of use, and possibly improvements beyond what the master policy defines. Confirm the scope in the declaration and COI.
What documents should I review before buying a Singer Island condo?
- Review the declaration and bylaws for insurance clauses, the master policy COI for coverage and deductibles, association minutes and financials, reserve studies, and claims history or recent assessments.
