Who pays for required building code upgrades when hurricane repairs become compulsory?
Have a 25 year old condominium contained by Florida. Condo has insurance beside Citizens which does not offer code upgrade coverage. As upgrades are within the common elements, my personal insurance may be unwilling to cover. Any counsel on this conundrum? Talking $33,000 for rewiring and fire code requirements imposed since the place was built.
Answers:
Well, the building owner pays for it, if in attendance isn't any 'building ordinance or law' coverage on the policy.
One thing your personal insurance WILL allow you to do, is append "loss assessment" coverage to YOUR policy - so if there is a loss, and your personal policy have ordinance or law coverage on it (dirt cheap on a condo part owners policy), it will cover your portion of the general assessment to adjectives unit owners. Assuming the total cost is $33,000 for the improvements, divide by the number of section owners, double that (for precaution) and be sure you have that or $10,000 (whichever is HIGHER) for your loss assessment coverage.