In Florida, condo associations are required by law to carry insurance policies to protect their property, common areas, liability, and more. While associations may choose their own insurance policies, there are certain requirements that must be met in order to abide by Florida law.
Florida insurance requirements for condo associations
According to Florida Statute 718.111(11), condo associations are required to provide adequate property insurance to cover the replacement cost of the insurance property as determined by an independent insurance appraisal. Replacement costs should be evaluated at least once every 24 months. The replacement costs are calculated by determining what it would cost to fully repair or replace the damaged property, without deductions for depreciation.
The needs for each specific condo association will influence the insurance policy your board chooses to purchase for the association, but it should include consideration of the following coverages:
- Property insurance (due to fire, windstorm, and other property damage)
- Flood insurance coverage
- Liability insurance
- Directors and officer liability insurance
- Fidelity bond (for crime-related damages)
Condo associations will also require individual owners to purchase HO6 policies – or insurance policies that cover their personal property, liability, and some structural elements. Damage to condo units can be tricky, so it’s important to fully understand the insurance policies for both the condo association and individual unit owners.
Homeowners associations throughout Miami and Fort Lauderdale can turn to Dania S. Fernandez & Associates, P.A. for questions about Florida law and insurance requirements for their condo associations. Call us today at 305-254-4492 to schedule a free consultation.
With the cost of Florida insurance skyrocketing at the rate it is, can you tell me what types of insurance a very small condo association would be required to carry? Our building is 7 townhouses connected side by side. We have no rentals only owners. Insurance companies are always trying to sell us a dozen policies. We have no common space except the small pool area, nothing else. We each have our own garage.
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