A condominium association board is responsible for providing insurance coverage on specific components of the association's property. The individual unit owner is responsible for providing insurance on other components. It is important for all parties to understand their responsibility when insuring the property. Insurance appraisals must be completed at a minimum of every 3 years, by a licensed independent appraiser. Annual updates are often employed.
When undertaking an insurance appraisal, the appraiser uses the Marshall and Swift/Boeckh software by CoreLogic to calculate the replacement cost of those components for which the association is responsible. Code 1335 of the Marshall & Swift/ Boeckh software defines the components for which the association is responsible.
1335 - Condominium, without Interior Finishes
This occupancy should be used when states or insurance policies require the condominium association to be responsible for many of the interior components that have been included in Occupancy 1332 – Condominium; interior space.
The association is responsible for insuring the electrical wiring that runs within the walls. The association's insurance coverage does not include the electrical fixtures. The same is true for plumbing. Hot and cold-water pipes running within the walls or below the slabs and the sewer and ventilation stacks are normally covered by the association. The water heaters, sinks, showers toilets are not in included by the association and should be covered in the homeowner's policy.
The association's insurance policy normally covers the cost of installing interior partition walls, framing the walls and painting the dry wall with primer. Florida law also require the homeowner's association to cover the cost of a full air conditioning system. A full AC system is included in the calculation of replacement costs.
The homeowner's policy should include the final painting of the walls, finishes for the floor and ceiling The homeowner's insurance should also cover installation of cabinets and all appliances. While the homeowner is responsible for the heating system in Florida heating is included in most air conditioning systems and therefore is covered by the association.
A condominium association board is responsible for providing insurance coverage on specific components of the association's property. The individual unit owner is responsible for providing insurance on other components. It is important for all parties to understand their responsibility when insuring the property. Insurance appraisals must be completed at a minimum of every 3 years, by a licensed independent appraiser. Annual updates are often employed.
When undertaking an insurance appraisal, the appraiser uses the Marshall and Swift/Boeckh software by CoreLogic to calculate the replacement cost of those components for which the association is responsible. Code 1335 of the Marshall & Swift/ Boeckh software defines the components for which the association is responsible.
The association is responsible for insuring the electrical wiring that runs within the walls. The association's insurance coverage does not include the electrical fixtures. The same is true for plumbing. Hot and cold-water pipes running within the walls or below the slabs and the sewer and ventilation stacks are normally covered by the association. The water heaters, sinks, showers toilets are not in included by the association and should be covered in the homeowner's policy.
The association's insurance policy normally covers the cost of installing interior partition walls, framing the walls and painting the dry wall with primer. Florida law also require the homeowner's association to cover the cost of a full air conditioning system. A full AC system is included in the calculation of replacement costs.
