Condos and HOAs

Living with Rules

Now is the time for associations and owners to check insurance policies

by: Daniel Vasquez June 3rd, 2011 | 12:37 PM

Now is the time for condominium and homeowners associations and owners alike to carefully check what is covered – and not – on their insurance coverage. The last thing you want to do is wait until the worst happens and find out you are not properly covered for a claim.

Florida law has specific requirements for community association boards when it comes to casualty insurance. Policies must be based on the replacement cost of the insured property and that cost must be determined by insurance appraisals taken at least every three years. In addition, condo property insurance issued after January 1, 2009 must cover all portions of the property as originally installed. Replacement work must be in accordance with original community plans.

Owners should keep in mind casualty insurance purchased by the association does not cover personal property within your unit nor the limited common elements, such as porches or balconies. The association policies also don’t cover your unit flooring, wall and ceiling coverings, appliances, etc. Check out Sun Sentinel blogger and attorney Gary Poliakoff’s recent posting for more detailed information.

And get out those policies and read them over and over.