Into each life some rain must fall!
That is my segway into the purpose of this email. We get weather in Florida. Yesterday the fire alarm went off and thank God it was only burnt popcorn and not a fire. But you never know. By the way, if you heard a few short alarms today that was our alarm company checking the system.
WHY YOU SHOULD HAVE INSURANCE FOR YOUR UNIT 1-Florida State Law has recently changed. If a common area pipe breaks, the condo is only responsible for fixing the pipe and the wallboard. Everything else is considered an “insurable loss” and must be claimed on your own insurance. If you have no insurance you will have to pay for your own repairs or remediation if needed. The condo no longer takes care of that. You can refer to the law below. Keep in mind that our pipes are 50 years old. http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0718/Sections/0718.111.html 2-If there is a leak, or fire, etc., from another unit that damages your unit, you can hire a lawyer and sue your neighbor, OR if you have insurance, you can report it to them, they will pay for whatever damage you are insured for and then they deal with your neighbor and/or their insurance company. 3-If you have a leak, a fire, etc. that causes damage to the units above, below and around your unit, insurance will protect you from the lawsuits of every owner who suffered damage. 4-This is probably the most important reason in my opinion, LIABILITY. If anyone visiting or working in your unit gets seriously injured in your unit you may be sued. If they can prove negligence they can sue you for everything you are worth. 5-If we are hit by a storm which causes damage, our building deductible is very high. If we pass an emergency assessment to pay for storm damage, Florida insurance law requires a provision to cover you for the first $2000 of the assessment, minus your deductible. This happened once a few years ago. Those who had no insurance paid $2000. I paid $500 which was my deductible. If you get insurance, I strongly suggest you do NOT waive that protection. 6-You all have auto insurance on a car that may cost a few thousand dollars or $100,000. Your condo unit is worth at least $300,000 or more depending on your unit’s size and condition. Why wouldn’t you protect that very large investment? Please don’t mistake this as a warning, a threat or a demand that you must carry insurance on your unit. This is just me finding out that many of you are not insured and I am concerned for you. There are plenty of insurance agents in Florida. Don’t take my word for it. Talk to an agent and get his/her opinion. Stan
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