Who pays repair and replacement costs for walls, appliances and furniture inside individual units?
Individual condo owners are responsible for paying costs associated with damaged property inside units. Individual insurance will pay for many of these costs. Walls that are shared by two or more units are considered common areas and will be repaired through condo association’s insurance. Q: How do you know if your condo association has insurance? A: Florida law requires condo associations to maintain insurance coverage on all common areas of the development. This insurance is purchased with the maintenance fees paid by individual unit owners. Q: Who pays the cost of repairing hurricane damage to condos? A: Insurance purchased by condo’s association should pay repair or replacement costs tied to damage to common areas. Common areas include roofs, exterior walls, balconies, elevators, hallways, parking lots, pools, laundry room and equipment and recreational facilities.
Related Questions
- Who is responsible for moving furniture and belongings within the units away from the exterior walls when the restoration is being completed in that particular area?
- Who pays repair and replacement costs for walls, appliances and furniture inside individual units?
- Who pays for damage to individual units?
