• As of July 1st 2010, although condo owners are no longer required to carry home owners insurance, if they do carry insurance (and they should), then that policy must include coverage for “special assessments” by the board of directors.

    To quote the new statute 627.714(1): For policies issues or renewed on or after July 1, 2010, coverage under a unit owner’s residential property policy must include at least $2000 in property loss assessment coverage [special assessment coverage] for all assessments made as a result of the same direct loss to the property, regardless of the number of assessments, owned by all members of the association collectively if such loss is of the type of loss covered by the unit owner’s residential property insurance policy, to which a deductible of no more than $250 per direct property loss applies…

    You probably read that 3 times before it made sense. Bottom line, check that your insurer is up to speed and is covering you for a minimum of $2K towards special assessments. I think I’d up to $3K myself to be safe.

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