Hurricane season is rapidly approaching and if you live in Miami Beach condos, it's very important that you understand what protection you have from hurricanes if one were to hit. Surprisingly, the state doesn't necessarily require as much coverage as you think you might need or think you actually have. Condo communities should definitely consider their insurance options.

Considering that the majority of Miami Beach condos are right by the water, it's wise to go beyond whatever the minimum requirements are. Generally, associations should base their insurance amount on appraisals and a replacement-cost basis. On the other hand, upping the deductible as a means of saving money on the premium may also be a viable option. Associations must remember that the deductible should be a figure that residents can actually finance in case of a major loss.

Most Miami Beach condos associations have to have casualty/damage insurance as required by the state but that's mostly where requirements end. If you are part of an association, strongly consider your insurance options; South Florida is well known for being at risk of hurricanes and as the saying goes, “it's always better to be safe than sorry”.