Condominiums are usually among the most important investments for individual condo owners, so insurance required for condo complexes is important in protecting both associations and individual owners.
Members of condominium association boards of directors could be held liable for errors that result in monetary loss, not just personal injury or property damage to association members.
Condo associations should review coverage at least yearly to make sure coverage meets or exceeds you’re the association's needs, the needs of owners and relevant federal requirements and state law.
Florida law, for example, requires condo associations to have "adequate" property insurance covering the replacement cost of the property as determined by an independent insurance appraisal or update of a prior insurance appraisal. The value of the replacement cost of the covered condo property should be recalculated at least once every 36 months. Florida condo association insurance must cover common areas of the property and, according to state law; replacement materials must be of the same kind and quality originally used.
Some master condominium policies may not be cover common features of the condo (including as pools, cabanas, decks and carports) but additional coverage can be added by the association to reduce risk to members and the association. Usually the cost for such additional coverage is at available at a reasonable cost.
Contact Golden Global Insurance at 305-899-5125 for an expert review of your Condo Association’s insurance coverage. We can help your association develop an insurance policy that reduces risk for owners and the association at the lowest possible price.