SB 1196 Passed By Senate Today Would Require $2,000 in Loss Assessment Coverage for Condo Owners
Apr 16, 2010
CS3/1st Eng. SB 1196, which contains provisions relating to insurance on condominium policies, was passed unanimously by the Florida Senate today, April 16, 2010.
As amended today, CS3/1st Eng. SB 1196 would revise Florida law to require $2,000 in property loss assessment coverage under a condominium unit owner’s policy for policies issued on, or after July 1, 2010. A deductible of no more than $250 may apply. The bill also deletes the term “hazard” insurance and replaces it with “property” insurance throughout section 718.111, F.S. This corrects a glitch in the statutes.
CS3/1st Eng. SB 1196, which mainly relates to condominiums, revises laws applicable to community associations. Associations are defined in the bill to include condominiums, homeowners and cooperative associations.
The bill now goes to the House of Representatives for consideration.
Should you have any questions or comments, please contact Colodny Fass.
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