Some Florida condominium association board of directors might find themselves in the situation where they have adopted special assessments to pay for repairs related to Hurricane Irma. This might occur if the condominium’s master policy covers a loss, but the damage exceeds the coverage available in the building insurance policy. In this situation, the association may seek from individual unit owners a shared portion of the coverage that the underlying association insurance was insufficient to cover.
For many condominium association boards of directors, the fall months are considered “budget season” because this is the time the board members and property manager work together to produce a budget for the start of the new fiscal year in January. While condominium association budgets address a variety of things, property insurance is one significant line item that cannot be overlooked.