Condo Insurance Change July 1
Posted on June 24th, 2010
Radey Thomas Yon & Clark is an AV-rated firm located in Tallahassee, Florida. On their website, the firm hosts a blog that updates the public with relevant legal information, with a focus on insurance and employment issues. Recently there was an update posted by Travis Miller on the topic of Condo Insurance law and changes that will take place beginning July 1, 2010 – related mostly to Chapter Law 2010-174. We all recognize that South Florida is home to many condos in Boca Raton, Ft. Lauderdale, Plantation, West Palm Beach, Delray Beach, Aventura, Hallandale, Bal Harbour, Miami Beach, and the surrounding areas, this makes changes to condominium associations and unit owners’ policies particularly relevant to residents in our area.
Mr. Miller points out three essential areas of change: Loss Assessment Coverage, Adequate “Property” Insurance, Unit Owners’ Coverage.
Loss Assessment Coverage:
“…The statute continues existing law by requiring unit owners’ policies to provide at least $2000 in property loss assessment coverage.”
Adequate “Property” Insurance:
“…A reference to determining the “full insurable value” of condominium property every three years is being updated to require the “replacement cost” to be determined every three years.”
Unit Owners’ Coverage:
“…Under existing law, the association policy excludes personal property within the unit or limited common areas, and floor, wall, and ceiling coverings, electrical fixtures, appliances, water heaters, water filters, built-in cabinets and countertops, and window treatments including curtains, drapes, blinds, hardware and similar window treatment components. The new law clarifies these items are the insurance responsibility of the unit owner to the extent they are within the boundaries of the unit and serve only the unit.”
Read Mr. Miller’s full blog post for a few more changes regarding unit owner’s coverage. There are several other areas that are vital for South Florida condo owners, in Broward and Dade, to understand. Rami Boaziz, Public Adjuster, will guide you through this process and make sure you understand the new changes taking place.
Tags: Condo Insurance
Filed under Law Updates |
Leave a Reply
You must be logged in to post a comment.
