Insurance Appraisals

Insurance Appraisals for Condominiums

In Florida, insurance appraisals for condominium associations are regulated by the legislature through Florida Statute 718.111: “Adequate property insurance, regardless of any requirement in the declaration of condominium for coverage by the association for full insurable value, replacement cost, or similar coverage, must be based on the replacement cost of the property to be insured as determined by an independent insurance appraisal or update of a prior appraisal. The replacement cost must be determined at least once every 36 months.”

Since 2006, associations rely on Staebler Appraisal and Consulting to estimate the correct replacement value to be insured at just the right amount.

Condominium Example Report

Homeowner’s Associations and
Mobile Home Parks

Insurable value is not exclusive to condominium units. More and more homeowner’s associations and mobile home parks want to make sure their common elements are insured correctly. In addition to the replacement value, most often associations also request the up-to-code value, which includes code upgrades as basis for the purchase of Ordinance of Law policies.

We also provide insurance valuations for common elements of Homeowner’s Associations. If your association is comprised of attached townhouses it might be beneficial to insure the HOA under one policy. Ask your insurance agent for further advice.

Mobile Home Park Example Report

Comprehensive Appraisal Solutions

Staebler Appraisal and Consulting has provided appraisals for a wide array of clients, from smaller duplexes all the way to highrise condominium buildings, common elements of HOAs and mobile home parks, schools, churches, golf courses, country clubs, yacht clubs, marinas, hospitals, assisted living facilities, etc.

Please download our “Handbook for Managers and Board Members”, an informative booklet for insurance appraisals and reserve studies.

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