To any attorneys on our board in Florida ..regarding Co-Op's - if you know ..please help

[jpboca]

In a Florida Co-op under 50 units, no mortgages, fully funded apts, is it mandatory law to have Wind mitigation insurance ? Thanks for any help...JP

 

[HJCane]

In a Florida Co-op under 50 units, no mortgages, fully funded apts, is it mandatory law to have Wind mitigation insurance ? Thanks for any help...JP

I'm not a lawyer but I am a Condo Board President for 12 years of a very high end 42 story building.
No mortgage so no Lender forcing it upon you.
That leaves the Co-op articles of incorporation or declarations because in a co-op you are "buying shares" in a corporation. Your answer is in those documents.

 

[jpboca]

Thanks HJ..thinking about buying one, and noticed they don't have wind mitigation ins. so I will take a look at the articles . didn't know if things changed after the Surfside collapse(although it was structural)..maybe laws changed..Thanks again..👍

 

[Kinggeorge3]

I'm not a lawyer but I am a Condo Board President for 12 years of a very high end 42 story building.
No mortgage so no Lender forcing it upon you.
That leaves the Co-op articles of incorporation or declarations because in a co-op you are "buying shares" in a corporation. Your answer is in those documents.

This is correct but I would be eerily if they do not carry insurance anyway.

 

[HJCane]

Thanks HJ..thinking about buying one, and noticed they don't have wind mitigation ins. so I will take a look at the articles . didn't know if things changed after the Surfside collapse(although it was structural)..maybe laws changed..Thanks again..👍

I thought you were speaking about your own unit and them forcing you to carry Wind Policy. Are you saying the building itself carries no Wind Policy? Who is insuring the common areas? Your insurance isn't going to cover the building gym or club room. If they don't carry it I would think that to be gross negilgence.

 

[HJCane]

Thanks HJ..thinking about buying one, and noticed they don't have wind mitigation ins. so I will take a look at the articles . didn't know if things changed after the Surfside collapse(although it was structural)..maybe laws changed..Thanks again..👍

Better check Federal flood zoning as well and see if a policy is in place (depends on zone designation)

 

[jpboca]

I thought you were speaking about your own unit and them forcing you to carry Wind Policy. Are you saying the building itself carries no Wind Policy? Who is insuring the common areas? Your insurance isn't going to cover the building gym or club room. If they don't carry it I would think that to be gross negilgence.

They have Property and Casualty insurance from Century Surety Company ..but say they self insure for hurricane damage

 

[HJCane]

They have Property and Casualty insurance from Century Surety Company ..but say they self insure for hurricane damage

Risky. I can't believe that would allow any lender to loan in that building

 

[jpboca]

Risky. I can't believe that would allow any lender to loan in that building

HJ , that's the point..there are NO MORTGAGES ..you have to pay cash for the unit..so no lenders are involved. They have a hurricane fund for damages , though it is very minimal,IMO.