Florida Condominium Association Cost Savings | Wind Mitigation Form Changing 02 | 2012

Florida Condominium Association Cost Savings | Wind Mitigation Form Changes Effective 02/2012

insurance blog on January 24th, 2012 No Comments

Florida Condominium Associations have received significant cost savings by having wind mitigation forms completed.

We recommend all customers to have a wind mitigation form completed for their condominium association. Over the years we have saved our customers thousands of dollars applying wind mitigation credits to policies.  The forms save the association money on the condominiums master policy as well as the unit owners.

The form is changing 02/2012 so make sure that you use the most recent form when having your wind mitigation inspection completed.

We are here to help your Florida Condominium Association with cost savings. Call us today (850) 769 2225!

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Form Questions

Uncategorized on March 22nd, 2010 No Comments

TYPES OF CONSTRUCTION

Frame: Buildings where the exterior bearing walls are wood or other combustible materials, including construction where combustible materials are combined with other materials such as brick, stone veneer, wood ironclad, and stucco on wood.
Masonry:Exterior bearing walls constructed of masonry materials such as adobe, brick, concrete, gypsum block, hollow concrete block, stone, tile or similar materials and floors and roof of combustible construction (Disregarding floors resting directly on the ground).
Masonry Veneer: Exterior bearing walls of combustible materials veneered with brick or stone.
Superior Construction:Non-Combustible – Exterior bearing walls, floors and roof constructed of, and supported by metal, gypsum, or other noncombustible materials.

DWELLING ADDITIONS AND ALTERATIONS

Florida Statue 718 defines the building insurance responsibility of the Condominium vs. the Condominium Unit owner. Approximately 70% of the condominium building value is the responsibility of the condominium association and about 30% is the unit owner’s responsibility. The Hazard values (Fire & Wind) which the individual unit owners are responsible for include:
  • Floor Coverings  – carpet, tile, vinyl, wood in the individual unit
  • Ceiling Finishes  – paint, sprayed finishes within the individual unit
  • Wall Finishes  – paint, wallpaper, or ceramic tile within the individual unit
  • Electrical Fixtures  – appliance refrigerator, stove, dishwasher water heaters, bathroom fixtures,
  • Built In Cabinets
  • Alterations improvements and betterments
Insurance Companies that provide condo unit owner policies recommend dwelling / additions and alterations coverage of a MINIMIUM of $40 a square foot.

The cost per foot increases based on type of construction and the finish of the unit.

CONTENTS

Contents are always the insurance responsibility of the owner of the unit. Contents can be defined as anything that would fall out if the unit was turned upside down.