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How to ensure proper Florida condo association insurance coverage


Florida Condo Association insurance coverage resized 600

How can condo owners convince the condo Board of Directors to have proper insurance coverage for the condo association? Florida statutes demand that a condo rebuild must be done in accordance with the current code. Most of the HOA's do not have building and law enforcement policy (BLE) coverage that guarantees all rebuild costs. Hiding behind Florida condo guidelines 718, which do not demand BLE coverage, HOA board of directors have taken the opinion that it is better to save money in the short term with cheaper insurance (limited coverage), introducing the risk of total loss duet o not being able to rebuild in cases such as fire hurricane or hurricane damage. For HOA's with units older than 10 years, rebuilding to the cost of rebuilding to the code vs the value covered by insurance without BLE is quite substantial (approx. 50% gap).

In my opinion, the HOA Board of Directors decision to expose all unit members to the risk of total loss as result of not having the proper coverage to rebuild to current code is a reckless and willful misconduct. How can condo owners convince the Board to make the right decision and obtain the proper insurance coverage, which seems to include building and law enforcement policy these days in Florida?

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