Miami Condo Due Diligence
Miami Condo Master Insurance Due Diligence
A building can be insured and still present important questions about deductibles, coverage structure, owner responsibility and lender eligibility.
Association master policy
Property coverage and other association-level policies required or maintained by the condominium.
Deductible exposure
Large hurricane, wind or other deductibles can affect association cash needs after a loss.
Unit-owner coverage
Personal property, certain interior items, improvements, liability and loss-assessment coverage may belong on the owner's policy.
Documents to obtain
What the insurance review should include
- Current master property insurance policy or evidence of coverage
- General liability and other relevant association policies
- Flood coverage where applicable
- Policy limits and valuation basis
- Named deductibles, including hurricane / wind deductibles where applicable
- Material exclusions or restrictions
- Recent loss history when available and relevant
- Unit-owner insurance requirements in the condominium documents
- Lender's project-insurance review
Important distinction
The association policy is not a substitute for the owner's policy
Florida law allocates certain property-insurance and repair responsibilities between the association and unit owners, but the declaration and the facts of a specific loss matter. Have an insurance professional confirm the unit's coverage needs.
Primary sources
Official references used for this guide
Rules and lending standards can change. These are the government and agency sources this page was checked against.
- Florida Statutes §718.111 — condominium association insurance and official records
- Florida DBPR — official records including association insurance policies
- Fannie Mae — condo project and insurance eligibility
Talk with Fernando
Put your question in context
I personally review every message and do my best to reply within an hour. Email or phone is enough.