What do you need to know about the law regarding condominium insurance?Florida SB 1196 went into effect in July 2010 and clarifies several issues relating to condominium insurance requirements. Prior to the measure's enactment, some revisions to the Florida condo insurance law had created confusion about matters relating to condominium insurance requirements in the state. The 2010 law stipulates condo owners are responsible for arranging unit owners insurance on their units. Also, condominium associations are not responsible for monitoring acquisition by condo owners of unit owner's insurance.
Condo Owners Responsible for InsuranceThe law states that condo owners are to get property insurance coverage that covers their individual units and personal property within the units. Unit owners are still responsible for insuring personal property within the unit, the limited common elements, their floor, walls, ceiling coverings, electrical fixtures, appliances, water heaters, cabinets, countertops, and any replacements of these items located with the unit and serving only one unit.
Your condominium association is required to only maintain insurance that protects the structure, common areas and grounds of your residence. Our team of experts can help you determine the type of condo insurance you may require if a storm, fire, accident or theft occurs inside or outside of your condo. Tom Collins Insurance Agency offers condominium insurance that can be tailored to fit your unique needs.
Discounts available for Condominium homeowners insurance
- Personal fire extinguishers
- Deadbolt locks on all exterior entryways
- Monitored fire and burglar alarms
- Local ultrasonic burglar alarms
- Sprinkler systems