Is it mandatory for condo associations to maintain an insurance policy in Florida?
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.
Is It Mandatory for Condo Associations to Maintain an Insurance Policy in Florida? Yes, condo associations in Florida must maintain a master insurance coverage policy. This policy primarily covers common areas, general building structures, and shared amenities.
Condo insurance isn't mandated by the State of Florida, but your condo association may require you to have coverage.
Fla. Stat. § 718.111(11)(f) states that the association is responsible for ensuring the buildings in the community including all windows and sliding glass doors, common areas, and anything for which the unit owner is not responsible under the law.
(13) FINANCIAL REPORTING. —Within 90 days after the end of the fiscal year, or annually on a date provided in the bylaws, the association shall prepare and complete, or contract for the preparation and completion of, a financial report for the preceding fiscal year.
Can I opt out of an HOA? If you don't want to opt-in to a homeowner association, your best bet is to just choose a neighborhood with no HOA or a newly formed HOA. But if you are in an established, HOA-run neighborhood and want to leave the association, you can typically petition the board.
The Florida homeowner's association insurance requirements include property and liability coverage. Beyond that, there are other forms of coverage that you can choose as optional. This includes directors and officers insurance as well as demolition cost coverage.
What Does an HO6 Policy Cover? 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.
Its rates average $1,009 a year, which is 46% lower than the state average. The next-cheapest HO-6 rates are $1,440 a year from Cypress and $1,451 a year from Citizens, according to the Florida Department of Insurance Regulation (FLOIR). An HO-6 is homeowners insurance for condo-unit owners.
General Information. Before you register a vehicle with at least four wheels in Florida, you must show proof of Personal Injury Protection (PIP) and Property Damage Liability (PDL) automobile insurance.
Who is responsible for water damage in a condo in Florida?
Typically, the condo unit owner is responsible for the finished interior surface or the covering of the drywall, however, the condominium is responsible for the drywall itself. Therefore, if the unit's walls or ceiling are water or mold damaged, it is the condominium's duty and obligation to replace the drywall.
A Duty To Act In Others' Best Interests
A condo board and its members are fiduciaries because they have the authority to make decisions for the association, and as such, should have the potential liability if that authority is abused.
A skilled Florida personal injury lawyer can analyze the circ*mstances of your case and determine if any of these scenarios apply. By establishing negligence on the part of the condo association, you may be able to seek compensation for your injury, medical bills, and related damages.
Under previous law, Florida condo associations could vote to waive their reserve contributions. That is no longer the case. As of December 31, 2024, associations may no longer waive their reserve contributions.
718.3026 Contracts for products and services; in writing; bids; exceptions. —Associations with 10 or fewer units may opt out of the provisions of this section if two-thirds of the unit owners vote to do so, which opt-out may be accomplished by a proxy specifically setting forth the exception from this section.
The Condominium Act requires all condo associations to maintain and repair structural, mechanical, plumbing and electrical elements shared between multiple units, including the building's roofing and exterior walls. The act also requires condo associations to carry primary coverage for damage to these common elements.
Yes, an HOA can require homeowners to carry homeowners insurance, provided this requirement is stated in the governing documents of the association.
In Florida, you can sue your HOA or Condominium Association for negligence if you, a loved one, or your property were adversely affected due to their flawed, faulty, or negligent maintenance, repairs, or security. This includes both personal injuries and property damage.
| City | Estimated HOA Fee Range (Monthly) |
|---|---|
| Tampa | $250 - $400 |
| Jacksonville | $220 - $370 |
| Fort Lauderdale | $320 - $470 |
| West Palm Beach | $250 - $400 |
If you have a mortgage on your condo, your lender will typically mandate an HO-6 policy. Additionally, your homeowners or condo association may require certain coverages and limits.
What is the difference between HOA and condo association in Florida?
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.
Dwelling coverage applies to the walls and fixtures in your condo. If damage occurs due to a named peril or falls under your open perils list, you can submit an insurance claim. To calculate the amount of dwelling coverage you may want, a good rule of thumb is 20% of the appraised value of your condo.
HO-6 insurance is basically homeowners insurance for condo or co-op owners. A typical HO-6 policy covers your belongings, liability, and is designed to cover losses to the structure of your unit that your condo association's master policy won't.
Most condo associations or HOAs have a master insurance policy that covers the building itself, like the roof and exterior walls, and common areas, such as courtyards, fences, elevators, and hallways. Your HOA fees help cover the cost of the HOA insurance policy.
Cypress has the cheapest condo insurance in Florida. Homeowners Choice, Kin and Citizens are also good options. Cypress offers the cheapest rates on condominium insurance in Florida. Condo insurance rates range from $68 a month in Duval County to $179 a month in Miami-Dade County.
