March 9, 2021
Purchasing insurance is often expensive, time consuming, and confusing. However, today is the right time to make sure you have the proper insurance coverage in place and to confirm that your insurance company has the financial strength to handle the claims process. That way you can rest comfortably knowing that you will be in the right position to navigate an insurance claim with your insurance company should the need arise.
For starters, condominium associations should be familiar with Fla. Stat. 718.111(11)(f). This will help condominium associations understand the minimum level of insurance coverage it should purchase. That statute mandates that condominiums must provide primary insurance coverage for the following:
All portions of the condominium property as originally installed or replacement of like kind and quality, in accordance with the original plans and specifications.