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Florida ranked Number 1, according to the 1990 U.S. Census for the state with the most condominiums by unit and by percentage. Then, the state of Florida had approximately 900,000 condos and about 15% of all units in Florida were condominiums.
Those numbers have not changed much in the recent decade. Florida still ranks among the top states for the number of condominiums. Even so, that the State regulates condominium regulation and condo association regulation.
Case in point, Florida Statute § 711.111(11) requires all condominium associations to maintain property insurance. Such a requirement presents unique problems for policyholders. Generally, both the condominium association and an individual condo owner will have condominium insurance and both are likely to be at play when a claim must be filed.
A potentially unforeseen issue with a condominium insurance policy being held by the unit owner and required by the State for the condominium association is who’s policy insurance is going to pay for what.
Typically, the individual has a plan that covers the “paint in” and the items contained in the condo, while the condominium association’s policy covers the “common elements,” of the condo. Common elements include things like roofs, drywalls, floors, and other structural features.
An individual’s policy for condo insurance could include things like appliances, sofas, bedroom furniture, and entertainment systems, but it may also include additional living expenses. Additional living expenses are covered for while the condo is being renovated. These expenses pay for alternate living arrangements like a hotel or rental home while the condo is being repaired.
Thus, while many items are designated by the type of policy required –they still overlap. For example, if a condominium insurance provider is taking an excessive amount of time to complete the foundational repairs to a condo unit, then it is likely that the individual unit owner’s condo policy will be required to pay additional living expenses for longer than anticipated.
If you have found yourself fighting your insurance company that has denied or underfunded your condo insurance claim, contact Germain Law Group. The typical insurance claim for damage generally involves more than one type of damage and may implicate multiple insurance policies.
Speak with an experienced insurance litigation attorney for help in navigating the myriad of issues that follow an insurance claim.
Call our office at (813) 835-8888 to schedule a no obligations consultation.
This article was last updated on Friday, February 16, 2018.