Within your homeowners association fees (HOA), there is portion of which is applied towards the building’s flood insurance and a portion that is applied towards their commercial building insurance. The flood insurance covers the building/condominium in case of flood. This is defined as rising water due to rain or tidal wave, which in actuality never occurs. Your building will carry a commercial property insurance policy as well. This covers all the common areas of the building from any peril, and covers all building units from your drywall out. Meaning everything from the drywall in your unit starting with your paint/baseboards IN is NOT covered by your HOA. Many condo owners mistaken this for their own property insurance. However, unless you purchase your owner policy, your condo unit is not covered from the drywall in at all from any peril.
Today however, some smart banks will require homeowner’s policy for condo owners to secure their mortgage. Florida is a no fault state. What this means is if an accidental occurrence happens in your unit in a shared living community such as condominiums, town-homes, or villas and caused damages to other units in the building, it is not the responsibility of the unit owner that has caused the damages. To make it simple, if your neighbor caused accidental damages that affect your unit as well, YOU AND ONLY YOU AS THE UNIT OWNER IS RESPONSIBLE TO FIX YOUR damages. A public adjuster can help you out in this case. Each unit owner is responsible for their own unit. You cannot hold your neighbor liable, go after him, or sue him UNLESS your neighbor cased you damages deliberately. You cannot go after their liability insurance either even if they carry one. If you carry your own homeowner policy, a public adjuster will be able to assist you.