Building Insurance Coverage for Condominium Associations

Whether the issue is big or small, having your Condominiums Building insured properly is an integral part to keeping your community protected.

What Situations Call for Building Coverage?

Here are a few examples of instances where having property insurance for your condominium association would come in handy:

  • Your building catches on fire, and the structure and is destroyed.
  • Water from a burst pipe damages multiple units.
  • Your neighborhood gate is damaged by a vehicle running into it.

Condominiums require coverage that is unique to Florida. Due to the intimate relationship between the condominium association and its Unit Owners, knowing where the association coverage begins and ends is important.

What’s Covered?

Florida State Statute 718 defines what is required to be covered by condominium associations. Here is a short list of items associations are required to have insurance on:

  • The Physical Building to include coverage to the drywall.
  • Plumbing lines behind a units drywall
  • Electrical lines behind the drywall
  • Any Common property (Clubhouse, Hallways, Pools, etc.)
  • Fencing, Carports, Mail Kiosk
  • Association Personal Property

What You Need to Know

Working with an Independent Agent that focuses exclusively on Florida Condominium Insurance is very important. Florida is unique to other states with regards to coverage requirements.

The Basics

Condo Association property insurance varies from policy to policy. Basic coverage typically includes damage caused by fire, lightning, wind, hail, and vandalism. You can also add further coverage to protect against earthquakes and broken glass.

Determining The Value

Florida Statutes 718.111(11)(a) requires all condominium associations to have “adequate” hazard insurance. To comply with the statute, a condominium association is required to have an insurance appraisal of the condominium property at least once every 36 months (3 years). We can assist in recommending a firm for your community’s appraisal needs.

RC (replacement cost) is the amount of money that it would take to replace, repair, or rebuild the damaged item/structure with similar materials and quality (without deducting for depreciation).  A well written property policy would include replacement cost valuation.

Have a question?
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We are here to help simplify your condominium association’s insurance needs and build a long term relationship with your community.

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Condominium association insurance policies for your community in Cape Coral, Fort Myers, Naples, Port Charlotte, Punta Gorda, and Bonita Springs, Florida.

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