Master Condominium Associations, Commercial Property and Businesses
The coverage of items are covered under the Master Condominium Associations are regulated by Florida Statues (718.111). The state of Florida sets up the minimum that the policy must provide. The policy can not provide less, but can provide additional coverage. When a covered loss occurs, the condo policy is required to provide coverage for everything except:
3. The coverage must exclude all personal property within the unit or limited common elements, and floor, wall, and ceiling coverings, electrical fixtures, appliances, water heaters, water filters, built-in cabinets and counter-tops, and window treatments, including curtains, drapes, blinds, hardware, and similar window treatment components, or replacements of any of the foregoing which are located within the boundaries of the unit and serve only such unit. Such property and any insurance thereupon is the responsibility of the unit owner.
Condo losses can be complex when determining proper distribution of coverage between unit owner and the master condo policy itself.
Your Private Adjuster specializes in helping associations with large and small losses. Your property manager is busy managing your property, let us as professionals in the insurance industry manager your claim.