Condo Hazard Insurance Legislation Update

The following is a brief summary of a Florida House of Representatives bill of interest:

House Bill 1249 by Representative Thad Altman (R-Melbourne) relating to Community Associations is moving through the House  The bill passed the Committee on Courts on March 19, 2008, and now proceeds to the Safety and Security Council. 

The bill was amended in the Committee on Courts to provide that insurance for timeshare condominium associations shall be governed by Section 721.165 of the Florida Statutes 

Generally, HB 1249:

• Provides that hazard insurance for condominium associations must be based on the replacement cost of the damaged property determined by an independent appraisal every 36 months
• Allows the association to provide hazard insurance through a self-insurance fund
• Allows the association to require unit owners to provide evidence of current hazard and liability insurance policies, and provides that an association can purchase a policy for a unit owner if evidence is not presented in a certain amount of time.

To view the most recent staff analysis on HB 1249, click here. 

House Bill 1349 by Representative Matt Hudson (R-Naples) is substantially similar to HB 1249.

House Bill 1249 contains a provision relating to estoppel certificates that is not contained in House Bill 1349.

To view the most recent staff analysis on HB 1349, click here.

The Senate companion bills, SB 2086 and SB 2470 (the latter of which is identical to HB 1349), are scheduled for their first hearing in the Senate Regulated Industries Committee on Wednesday, March 25, 2008 at 9:30 a.m.
 
To view status information on each of the House bills, please click on the corresponding bill numbers above.  Copies of HB 1249 and HB 1349 are attached for your review.

Please electronically submit any comments you may have to Trevor Mask at tmask@cftlaw.com or Katherine Scott Webb at kwebb@cftlaw.com.

 

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