– The Florida Statutes control property insurance requirements for condo associations and unit owners, regardless of what is in the condo’s declaration.
– Adequate property insurance must be based on the replacement cost of the property, determined by an independent insurance appraisal performed at least once every 36 months.
– The association’s board may determine deductibles based on industry standards and prevailing practice for similar communities, and they must make this determination at a meeting scheduled in accordance with Section 718.112(2)(e). – Insurance policies issued or renewed after January 1, 2009 must provide primary coverage for all portions of the property as originally installed.
– The replacement materials used under the policy can be of like kind and quality.
– The primary coverage must include any alterations or additions made to the property pursuant to Section 718.113(2).
– Personal property within the unit or limited common elements is the responsibility of the unit owner.
– Insurance on certain items, such as floor, wall, and ceiling coverings, electrical fixtures, and appliances, is considered the responsibility of the unit owner and not the association. – Unit owners are responsible for the cost of reconstructing portions of the condominium property for which they are required to carry property insurance.
– If the association incurs the cost of any reconstruction, that amount is chargeable to the unit owner and enforceable as an assessment.
– The association is responsible for insuring and repairing damaged portions of the property as a common expense, with limited exceptions.
– All deductibles, uninsured losses, and other damages in excess of the association’s insurance coverage are to be a common expense of the condominium.
– The association is only responsible for repairing property it insures that is damaged by an insurable event.
– The association is not obligated to pay for reconstruction or repair expenses due to property loss to improvements installed by unit owners or by the developer if the damaged item only benefited a specific unit and was not part of a standard improvement on all units.
https://www.jimersonfirm.com/blog/2013/10/property-insurance-requirements-and-responsibilities-for-floridas-condominium-associations/
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