It used to be that if condo owners in Florida did not have their own insurance policy, the association would buy it and them pass the cost to the condo owner. The law was changed in 2010, and now the Association can’t force the condo owner to have insurance of the inside of the condo.
The way the law is written, it implicitly requires the insurance, but nowhere in SB 1196 it says that the owner has to have individual insurance policy.
Not that the owners shouldn’t, it is always a good idea to have, but it isn’t mandatory.
Why?
Because there is a master policy covering the building.
However, the Master policy will not cover the furniture in your unit, the walls, the ceiling, appliances, window treatment…
Nor will the Master Policy provide liability insurance for injuries, which happen to your guest inside the unit.
To get the idea how it may hurt the condo owner, just watch this short video and cringe on this huge bill, which is still not paid after 2.5 years now. Is peace of mind worth a few hundred bucks a year?
Why so many people still don't have it?
Maybe they confuse peace of mind with piece of mind? Which would explain the belief that Hurricane Charlie was the last Hurricane in Central Florida and there will never be another one...
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