Florida Community Association Manager Practice Exam

What do members need to consider for their insurance coverage regarding personal property?

1. Only structural damages

2. Items installed in their residence

3. Common area properties

4. Exclusive personal items kept outside

The correct answer is: Items installed in their residence

Members need to consider items installed in their residence for their personal property insurance coverage because these items can significantly impact the overall value and functionality of their homes. Many homeowners or renters policies cover not just movable personal belongings, but also those that are permanently installed, such as appliances, cabinetry, fixtures, or improvements that the homeowner has made. This coverage is important as it ensures that members protect their investment in their home. Considering items installed in their residence can also help members avoid potential gaps in coverage that may arise from solely focusing on structural damages or external items. Structural damages typically refer to the building’s framework and not the personal effects or enhancements that a member may have added. Common area properties, on the other hand, are usually covered by the community's collective insurance policy rather than individual member policies. Exclusive personal items kept outside would also often be subject to different coverage requirements and are not always included in standard personal property insurance. Understanding what is included in personal property coverage allows members to make informed decisions about their insurance needs and ensure they have adequate protection.