If you are considering a move to a condominium in South Florida as a permanent or seasonal residence in Florida, make sure you are aware of the latest changes to governing law.
The Condominium Act (Chapter 718 F.S.) has been significantly amended to benefit current and future condominium residents. The problem lies the poorly written provisions that are ambiguous, vague and open to interpretation.
The scope of the statute covers three critical areas for residents: insurance, board qualifications and collection of delinquent assessments.
Insurance remains the hot topic. The statute provides that for hazard (casualty) policies which begin Jan. 1, 2009, covering such events as storms, hurricanes or even relatively minor water leaks, the association is required to provide primary coverage for all areas of the condominium property as originally installed and any replacements of the same kind or quality, and it requires the association to cover alterations with the burden that the association make continued payments after a casualty loss, such as extensive damage from a hurricane.
insurance policies to unit owners issued after Jan. 1, 2009 will also be required to include extra coverage that includes loss-assessment insurance for no less than $2,000 per occurrence. Moreover, if the association requests proof of insurance and the unit owner fails to provide that proof within 30 days, the association may purchase coverage for the unit owner and assess that unit for the cost.
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