Current Condominium Related News

Citizens Property Insurance Co. - As you know, Citizens has begun increasing their rates by approximately 10% per year starting January 1^st 2010. Proposed for 2011, Wind policies for commercial residential (condo buildings, apartment buildings, and homeowner associations) and commercial nonresidential (office buildings, gas stations and other commercial properties) will also see increases if approved: 11.6 percent average for commercial residential and 10.0 percent for commercial non-residential. Citizens is not looking to raise rates on commercial residential multi-peril policies at this time (August 2010).  

NFIP - Flood Insurance rate increase- Policies effective October 1, 2010 and later will reflect the following rate increases: V Zone (coastal hi velocity) and A Zones 3% to 9% increase; X Zones a 7% increase. Also remember that the current NFIP funding legislation was a temporary measure effective July 1, 2010 and due to expire September 30, 2010. We could face a similar suspension for the NFIP program that happened during June, therefore, it is recommended that insureds pay their renewal premiums promptly as billed to avoid any potential gap in coverage. Statewide has a 12% rebate program on all NFIP policies, we have returned millions of dollars to hundreds of customers since 1994, call me for more details.

Condominiums New Board Members - Written Certification now required. One of the provisions of SB 1196, which became effective on July 1, 2010, requires each newly elected or appointed board member to make certain representations to the association in writing. New Section 718.112(2)(d)3.b, Florida Statutes says:

b. Within 90 days after being elected or appointed to the board, each newly elected or appointed director shall certify in writing to the secretary of the association that he or she has read the association's declaration of
condominium, articles of incorporation, bylaws, and current written policies; that he or she will work to uphold such documents and policies to the best of his or her ability; and that he or she will faithfully discharge his or her fiduciary responsibility to the association's members. In lieu of this written certification, the newly elected or appointed director may submit a certificate of satisfactory completion of the educational curriculum administered by a division-approved condominium education provider. A director who fails to timely file the written certification or educational certificate is suspended from service on the board until he or she complies with this subsubparagraph. The board may temporarily fill the vacancy during the period of suspension. The secretary shall cause the association to retain a director's written certification or educational certificate for inspection by the members for 5 years after a director's election. Failure to have such written certification or educational certificate on file does not affect the validity of any action.

The Department of Business and Professional Regulation, Division of Florida Condominiums, Timeshares and Mobile Homes has published a form on its website at the following link: 

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• Statewide Condominium Insurance specializes in insuring condominium associations throughout the entire state of Florida. As specialists, we can provide your association with expert advice based on our many years of condominium experience. We offer insurance products and advice to all community  associations regardless of your location, year built, construction type, distance to water or total insurable values.

• Statewide works closely with board members, property managers and insurance committees, providing authorized parties with coverage reviews, insurance options, proposals, recommendations and premium financing.

• Due to our significant presence throughout Florida, our insurance experts can often present your association with insurance products and pricing that your local agent may not be aware of or have access to.

This is why Statewide Condominium Insurance is considered by many as “Florida’s #1 Choice” for community associations’ insurance placement.

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