Condominium, 2008 Florida Statute:
Now it is mandatory to have an insurance appraisal prepared by an independent appraiser at least once every 36 months. The appraisal must be based upon actual replacement costs. This may be a confirmed law, but has always been a common practice to ensure adequate coverage.
Another new statute confirms that the board of directors will establish the insurance deductibles base on local standards. Again, this has been common practice. It’s common to have an Insurance Committee recommend deductibles for the Board to consider.
On or after January 1, 2009, all portions of a condominium property with any alteration or additions must provide primary coverage excluding all personal property. Once again, this is common practice.
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