Section 718.111(11) of the Florida Statutes governs the issue of condo insurance coverage. Our condo association provides hazard insurance for "all portions of the condominium property as originally constructed". Essentially, this means that our insurance carrier in the event of a hurricane, etc. is responsible for the following: roof & roof cover, exterior walls, unfinished interior unit walls (including the drywall), common areas (including structural, electric & HVAC) and air conditioning systems that serve living units. We are not responsible for insuring floors, walls or ceiling coverings, electrical fixtures, water heaters, water filters, cabinets, counter-tops, appliances, window treatments and personal property within the unit. You are responsible for insuring these items and if you have insurance coverage for such items; it must contain at least $2000 of loss assessment coverage. You should check with your insurance agent on these issues.
ARROWHEAD FLOOD INSURANCE UPDATE
FEMA/FLOOD INSURANCE
Good News---we just received word from the Federal Government/FEMA that they granted our request for an exemption & therefore flood insurance will no longer be required for those of you in 1A. If you individually purchased flood insurance, and wish to cancel this policy, you should now contact your insurance company/agent in order to do so.
Bad News—because of their initial ruling that A was indeed in a flood zone; we were forced to obtain flood insurance for any A unit owner that needed it & once one owner in a building needed it, we had to get it for the entire building (all the owners). Estimated cost was +/-$2000 per building or $8000 for all of A. Unfortunately, we can not just cancel this insurance and get it pro-rated from the insurance company but once again must deal directly with FEMA who is willing to reimburse the entire amount once we obtain permission/approval from all the owners in A. Additionally for those owners in A that we needed to obtain flood insurance for, we have to gain approval from their lending institutions as well. Therefore, this appears to be a tedious task but if we wish to recover our expenses, we will need your cooperation and understanding. So if our management company (Warner Corporation) contacts you and asks you to sign a flood zone release form, please do so as quickly as possible so we can attempt to recover these funds. I trust that you completely understand the above and how much extra work and frustration that this caused for all of us but if you have any particular questions or additional concerns, please contact Warner Corporation at: 239-591-1800.