"Sample" Condo Master Policy Insurance Appraisal
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Condominium Master Insurance Policy
When do I need an appraisal?
Florida law requires residential condo associations to maintain an Insurance Appraisal that is no more than (3) years old.
CFAC has performed hundreds of Insurance Appraisals over the years for condominiums located throughout central Florida.
Required Insurance Appraisals for Florida Condominium Associations
By Shane Smith on December 13, 2017
POSTED IN CONDOMINIUM ASSOCIATIONS
For many condominium association boards of directors, the fall months are considered “budget season” because this is the time the board members and property manager work together to produce a budget for the start of the new fiscal year in January. While condominium association budgets address a variety of things, property insurance is one significant line item that cannot be overlooked.
As part of property insurance, one item that all Florida associations must consider for their budgets is the cost for an insurance appraisal that determines the “full insurable value” or “replacement cost” of the association property.
Florida Statutes 718.111(11)(a) requires all condominium associations to have “adequate” hazard insurance. To comply with the statute, a condominium association is required to have an insurance appraisal of the condominium property at least once every 36 months (3 years):