Condo Insurance Bill Passes House Civil Justice and Courts Policy Committee; Would Repeal Individual Unit Coverage Purchase Requirement
Feb 17, 2009
House Bill 419 Relating to Condominiums by State Representative Ellyn Bogdanoff (R- Fort Lauderdale) was unanimously passed as a Committee Substitute by the House Civil Justice and Courts Policy Committee today, February 17, 2009, with a strike-everything amendment that also was submitted by Representative Bogdanoff.
A copy of the strike-everything amendment is attached for your review.
In 2008, Florida law was amended to require condominium unit owners to purchase individual unit owner coverage. It also required owners to name their association as an additional insured, and gave associations the right to enforce this requirement.
As it relates to insurance, HB 419 repeals the requirement to purchase individual unit coverage, repeals the duty to name the association as an additional insured, and repeals the related enforcement mechanisms. The bill also requires loss-assessment coverage of at least $2,000 under a condominium unit owner’s policy.
The effective date of CS 419 would be October 1, 2009.
Please feel free to contact Colodny Fass with any questions or comments on the proposed legislation.