Now proudly partnered with Acentria Insurance
Earlier this year the Florida legislature passed an important update to the new condominium association website requirements that the state’s lawmakers codified during the 2017 legislative session. The most important change was to extend the deadline for associations to launch their websites from July 1, 2018 to Jan. 1, 2019, providing condominiums and their property managers with an additional six months to develop and launch their sites.
Loss assessment is insurance coverage for condo owners that provides protection for situations where each owner of a shared property, like a condominium or co-op, is held financially responsible for a portion of the costs of damage to:
The building
The shared areas of the property
Injury in shared areas
The amount to be paid by each owner is assessed by the homeowners or condo owners corporation or association, this is known as the loss assessment. As an owner, you then have to pay your share to cover the damage.
One of the key takeaways from Hurricane Irma was a reminder about the importance of keeping trees properly trimmed in order to avoid damage to power lines from downed foliage. However, a recent report by Channel 7 News (Fox) in South Florida about a Hallandale Beach HOA’s troubles with the city over its allegedly exorbitant tree trimming serves as a cautionary tale for all Florida community associations.