Associations
Milestone Inspections, SIRS and Your Condo Insurance
Florida requires milestone inspections and structural integrity reserve studies (SIRS) for many condo buildings three stories or taller. The resulting repairs and reserve funding can lead to special assessments. Loss assessment coverage generally does not pay those, because they are not caused by a covered loss.
What the rules require
Many associations must complete milestone structural inspections and SIRS and fund reserves for key components. Check the state's condominium division for current requirements and deadlines.
What insurance covers
Insurance responds to sudden, covered losses. Planned repairs and reserve funding are not insured losses.
Where insurance does help
- Builders risk during major repairs
- Liability while work is underway
- Accurate building values on the master policy
Note
This is general information, not legal advice. Ask your association's counsel about your building.
Ready to talk about your condo?
Nymble Insurance LLC will review your details and explain options in plain language. Approval and price depend on underwriting.