During the 2008 legislative session, House Bill 601 was passed, making changes to parts of Chapter 718 of Florida Statutes dealing with condominium insurance issues. The changes that will affect all unit owners, effective January 1, 2009 are:
- Every individual unit owner insurance policy issued or renewed on or after January 1, 2009, must state that the coverage afforded by such policy is excess over any other policy covering the same property and include special assessment coverage of no less than $2,000 per occurrence.
- Improvements and alterations made by a unit owner that benefit fewer than all residents (such as an enclosed balcony) shall be insured by the unit owner.
- The association shall require the unit owner to produce evidence of a current effective policy upon request, but not more than once per year. If a unit owner fails to provide proof of insurance within 30 days of the association's written request, the association may purchase a policy on behalf of the owner and collect the cost of that policy together with reconstruction costs made by the association, which are the responsibility of the unit owner to be collected by assessment.
- The unit owner shall name the association as an additional named insured.
As a condominium unit owner, you have a unique circumstance which requires coverage that is supplemental with the master condominium association policy.
We insure condominiums that are owned and occupied by the policyholder and also provides coverage for personal possessions and liability.
