-CBS News Special Investigative Report
-American College of Public Insurance Adjusters
Florida law makes it mandatory that all residential condominium associations have an independant replacement cost valuation conducted at least every 36 months – FS718.111(11)a. Failing to do so is a violation of Florida statute and can fined up to $5,000.
Currently, Florida law does not make it mandatory to have replacement cost valuations conducted. However, it is still the Board of Directors legal fiduciary responsibility to properly insure the association’s assets and property. The only way to correctly do that is to have a regular insurance appraisal (re-placement cost valuation) conducted.
Some of the most under insured buildings are churches or other houses of worship. They have unique components that are often overlooked – pews that are attached to the floor, steeples, speaker systems, video components and organ systems just to name a few.