Florida Homeowners Association Insurance Requirements to Know About | HOA, Condo Association Insurance (2024)

FAQs

Florida Homeowners Association Insurance Requirements to Know About | HOA, Condo Association Insurance? ›

You need to have coverage for all of the property that is encompassed by the HOA. You also need to have liability protection in the event someone gets injured and decides to sue. Whether there's a fire in a public building, an accident at the pool, or some other problem, you want to have the needed coverage.

Minimum Coverage Requirements: Condo associations must carry insurance coverage for the condominium property, including property and casualty insurance covering all portions of the condominium property as originally installed or replaced with like-kind and quality materials per the original plans and specifications.

Property & General Liability Insurance

Homeowners Associations may need property insurance for any commonly-owned property. One type of insurance that every homeowners association needs is general liability insurance. This coverage can protect against accidents such as injuries to the public.

In essence, the main difference between most HOAs and condo associations is the type of property they represent. Condominiums represent condos - apartments, while HOAs represent houses. Regardless of the association, they are both democratic institutions and therefore need to conduct elections.

Section 718.111(11)(a)(1) and (2), Florida Statutes, provides the following: 1. An association or group of associations may provide adequate property insurance through a self-insurance fund that complies with the requirements of ss. 624.460-624.488.

If you own a condo or co-op unit, the common areas like the hallways, land and other shared areas typically are covered by a collective homeowners association insurance policy. But your unit is not always covered by this policy. That's why you need condo (also known as HO6) insurance.

—The purpose of this chapter is: (1) To give statutory recognition to the condominium form of ownership of real property. (2) To establish procedures for the creation, sale, and operation of condominiums. Every condominium created and existing in this state shall be subject to the provisions of this chapter.

Condo insurance isn't required by law in Florida, but your mortgage company likely requires it. Condo insurance is a home insurance policy that covers everything inside your condo, while the homeowners association's insurance covers the outside of your building and common areas.

Yes, an HOA can require homeowners to carry homeowners insurance, provided this requirement is stated in the governing documents of the association.

Florida homeowner associations have the authority to regulate common areas, collect charges to maintain these areas, enforce community covenants, and impose fines or liens against non-compliant homeowners, all within the limits of Florida law and their own governing documents.

Who regulates condo associations in Florida? ›

Florida Department of Business & Professional Regulation Division of Florida Condominiums, Timeshares, and Mobile Homes Laws. The Division of Florida Condominiums, Timeshares, and Mobile Homes (division) has authority to enforce the following laws: Chapter 718, Florida Statutes The Condominium Act.

In the State of Florida, three is the magic number. No matter the size of your association, your board must have at least three members, with the number stated in your articles of incorporation or bylaws. Your bylaws should also have provisions regarding the manner in which the board can expand.

Chapter 720 of the Florida Statutes empowers and controls the ability of HOAs to enforce their rules, whereas Chapter 718 of the Florida Statutes empowers and controls the ability of COAs to enforce their rules.

In Florida, condo associations must purchase flood insurance if the property is in a high-risk flood area.

Associations must maintain exterior walls, roofs, foundations and common plumbing and electrical systems to ensure the safety and integrity of these structures.

The bulk of the cost on a home insurance policy is usually the dwelling coverage. Because condo owners usually only have to insure their home from the studs in, condo policies often have less dwelling coverage and therefore cost less than home policies. However, rates vary by many factors.

—The association has the power to make and collect assessments and to lease, maintain, repair, and replace the common elements or association property; however, the association may not charge a use fee against a unit owner for the use of common elements or association property unless otherwise provided for in the ...

Generally speaking, the condominium association is responsible for the maintenance, repair, and replacement of all of the general common elements, and the repair and replacement of the limited common elements. General common elements are available for use by every unit owner.

718.113(5) constitutes a common expense and shall be collected as provided in this section if the association is responsible for the maintenance, repair, and replacement of the hurricane shutters, impact glass, code-compliant windows or doors, or other types of code-compliant hurricane protection pursuant to the ...