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The Florida legislature passed a bill that would have eliminated the Unit Owner coverage mandate, but that bill was vetoed by the Govenor. Consequently, every Unit Owner is required to purchase insurance coverage and provide evidence of the coverage to the association when asked. If the Unit Owner fails to comply, the association actually has the option of buying coverage for the unit and charging the owner for the expense. The charges can be included in a lien against the unit and the association can foreclose if the owner still refuses to reimburse it for the insurance expense.
Section 718.111(11), Florida Statutes, requires every condominium association to maintain insurance coverage for:
All portions of the condominium property as originally constructed (including replacements of like kind); and
All alterations or additions to the common elements or association property made in compliance with Section 718.113(2), Florida Statutes, but excludes:
Floor, wall or ceiling coverings, electrical fixtures, water heaters, water filters, cabinets, countertops, appliances, window treatments and personal property within the units.
Every unit owner is required to carry coverage for their unit and any improvements or modifications made to their unit (or limited common elements). Unit Owner coverage must:
Be excess to the association's coverage;
Contain at least $2,000 of loss assessment coverage; and
Name the association as an additional insured and loss payee on the casualty portion of the policy.
For more information, please call (800) 978-8813 or contact us at " http://www.birchellins.com "