What’s Covered By A Condo Association or Homeowners Association’s Insurance Policy?

Condo Owner Association Policies typically cover the structure of the building and common areas. A Homeowner Association may only cover the common areas. The association’s policy, however, may or may not extend to the inside or exterior of your unit. And its coverages are dependent on Florida state’s laws.

Condo and Homeowners association’s insurance policies are difficult to navigate through and will be very different. First, check your state law to see if it provides insurance minimums for condos or HOA’s Florida, for instance, has a statutes that establishes insurance requirements. You can research these laws under section 718 of the Florida statutes, which covers condos, or Section 720, which covers HOA’s. In addition to your state’s statute, you must understand your HOA or COA’s governing documents or By-Laws.

Who is responsible for my loss? My insurance policy or the association?

It’s important to understand what a homeowners and condo association’s policy covers and how that differs from a homeowners or condo owner’s insurance policy. Most of the time Homeowners and Condo Associations boards are a group of people elected by the community and are owners of condo units or homes within their community. Also, the association will usually hire a management company which dedicates and LCAM to oversee the association.

The 2018 Florida Statutes on Condominiums

Title XL
REAL AND PERSONAL PROPERTY
Chapter 718 
CONDOMINIUMS
View Entire Chapter
CHAPTER 718
CONDOMINIUMS
PART I

GENERAL PROVISIONS
(ss. 718.101-718.128)
PART II

RIGHTS AND OBLIGATIONS OF DEVELOPERS
(ss. 718.202, 718.203)
PART III

RIGHTS AND OBLIGATIONS OF ASSOCIATION
(ss. 718.301-718.303)
PART IV

SPECIAL TYPES OF CONDOMINIUMS
(ss. 718.401-718.406)
PART V

REGULATION AND DISCLOSURE PRIOR TO SALE OF RESIDENTIAL
CONDOMINIUMS
(ss. 718.501-718.509)
PART VI

CONVERSIONS TO CONDOMINIUM
(ss. 718.604-718.622)
PART VII

DISTRESSED CONDOMINIUM RELIEF
(ss. 718.701-718.71)

The 2018 Florida Statutes on HOA’s

Title XL
REAL AND PERSONAL PROPERTY
Chapter 720 
HOMEOWNERS’ ASSOCIATIONS
View Entire Chapter
CHAPTER 720
HOMEOWNERS’ ASSOCIATIONS
PART I

GENERAL PROVISIONS
(ss. 720.301-720.317)
PART II

DISCLOSURE PRIOR TO SALE OF RESIDENTIAL
PARCELS
(ss. 720.401, 720.402)
PART III

COVENANT REVITALIZATION
(ss. 720.403-720.407)

What is a LCAM?

A LCAM is a Licensed Community Association Manager who is trained and licensed by the state of Florida to take stress off of the shoulders of owner and Board members living under a Homeowners’ Association or Condominium Association.  A LCAM has many responsibilities, which often include advising the HOA or COA Board and the community, monitoring an association’s finances, acting as a liaison when hiring and handling contractors, and advising the HOA or COA Board on changes in Florida state statutes.

Experienced Public Adjusters specializes in commercial and residential property insurance claims, including condos, HOA’s, and co-ops. Please contact us today for a free claim review at (407) 212-8669.

Visit our page here on the “Benefits of Hiring a Public Adjuster”