Read your governing documents to determine the level of insurance required for your property.
Two issues you can consider: first, is the 'valuation' exercise -- who determines the valuation for replacement value (the legal issue); second, is the coverage level for that valuation (the insurance issue).
Best practices dictate that as a board, you involve the legal and insurance experts necessary to complete your due diligence in addressing the matter.
This is not a casual decision for a multi-million dollar real estate investment owned in common by many owners.
You can read the Florida Condominium Law, below. At the link, search for insurance.
There may be basic guidelines in Florida law, but the law that applies is based in the governing documents for the condominium association that owns the pool. There is no standard
All condominiums -- private democracies -- operate under a set of governing documents. You can read yours (CC&Rs and By-laws, plus any board resolutions) to better understand the rules that govern your condominium pool in Florida. The Florida condominium law serves as a template for all condominiums in the state. Your governing documents are particular to your community, and they are based on Florida law. If your governing documents do not define pool operations, you can hire a Florida association-savvy attorney to help you interpret the Florida law that may apply to pool operations.
A local insurance broker can answer your question.
A local realtor can help you understand the regular and special assessments for any condominium association in your geography. There is no standard.
If Florida is like most other states, a condominium unit owner pays property taxes for the unit.
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There is no standard for association assessments, because those funds pay for operations of the property. Expenses may include master insurance coverage, landscape work, association management, utilities and so forth. Every association is different from every other association. A local realtor can help you best understand the assessments that cover the community containing a unit you want to buy. That realtor may also help you understand if the assessments for a community are 'too high' or 'too low' for your Florida neighborhood.
Condominium assocations are not normally in the business of screening purchasers. If the purchaser believes that s/he has been discriminated against by being denied a right to purchase, a civil rights attorney can help him/her purchase the unit s/he wants.
Your governing documents will make this clear. The state law may limit the number of month's past due assessments can be recovered. Your association's attorney can answer your question directly.
Florida Student Association was created in 1976.
Florida Education Association was created in 1886.
The Florida Department of Insurance is a great resource for consumers in that state. They are very involved in protecting homeowners from unaffordable premiums and unreliable companies. Try googling "Florida Department of Insurance" to locate their website. If you do not have regular online access you can find their toll free telephone number in the telephone book.