Condo association insurance in Florida

The master policy must cover the condominium property as originally installed, or replaced with like kind and quality, plus alterations or additions the association approved, but it excludes the items inside a unit that Florida law assigns to the owner.

Your declaration can add responsibilities on either side, so the board and owners should read it together with the statute.

How much property coverage is enough?

Florida ties the amount to replacement cost: the amount of adequate coverage may be based on the replacement cost of the property as determined by an independent insurance appraisal or an update of a previous appraisal, and the replacement cost must be determined at least once every 3 years.

• Keep the appraisal date on file and give the report to your agent at every renewal.
• Ask whether the policy includes ordinance or law coverage, which can help with the extra cost of rebuilding to current building codes.
• Confirm what the insured value includes, such as building systems, amenities and outdoor structures.

Florida law does not require every condo association to buy flood insurance, but it allows it: an association may obtain flood insurance for common elements, association property and units, and a lender or the declaration can make it a requirement.

• Standard property policies generally exclude flood, so wind and flood are separate decisions.
• Federal law requires regulated lenders to make sure buildings in special flood hazard areas that secure their loans carry flood insurance, so a mortgage held by an owner or the association can trigger the requirement.
• The National Flood Insurance Program (NFIP) offers a Residential Condominium Building Association Policy for buildings with at least 75 percent residential floor area. It insures one building per policy, and it applies a coinsurance penalty unless coverage is at least 80 percent of replacement cost or the NFIP maximum, whichever is less.
• Private flood policies are another option. Compare coverage, limits, deductibles and how losses are valued, not only price.
• The association's flood policy insures the building, not owners' belongings, so owners need their own flood coverage for contents.

Read more in our guide to flood insurance in Florida and the Florida flood insurance guide for 2026 and 2027.

They sit beside your insurance rather than inside it: the inspection and the reserve study tell the board what repairs and funding the building needs, while the policy responds to sudden covered losses, so boards should plan the two together.

• For budgets adopted on or after December 31, 2024, an association that must have a SIRS generally cannot vote to provide no reserves, or fewer reserves than required, for the SIRS items.
• If a phase-two inspection finds substantial structural deterioration, repairs must be commenced within 365 days after the local enforcement agency receives the report.
• Willful and knowing failure to complete a SIRS or a required milestone inspection is a breach of the board's fiduciary duty to unit owners.
• Give your agent the latest reports at renewal and explain the repair plan, because insurance companies may ask for them.

The deadlines are summarized in our overview of milestone inspections and SIRS for condo associations.