The Real Deal Miami

Condo insurance laws face changes

January 27, 2009 12:39PM

A new law requiring condominium owners to buy property insurance or
have it purchased by their condo associations is triggering protest and
possible legislative changes. Hundreds of condo residents have
complained that new laws that require owners to show proof of insurance
within 30 days or the associations will buy coverage on their behalf
are unfair.  After the 2004 and 2005 hurricanes, many associations
faced the problem of damaged or destroyed units that were not repaired
because unit owners had no insurance. The associations wanted to be
able to force owners to have the proper coverage. Before January 1, only
lenders could buy coverage for a home or condo if the owner let it
lapse or canceled the policy.