Florida Condo Insurance Appraisal Guide
Welcome to FPAT’s comprehensive guide on Florida condo insurance appraisals. If you’re a condo association board member in Tampa, St. Petersburg, or across Florida, understanding the appraisal process is crucial for compliance, cost savings, and protection against hurricanes. With post-Surfside mandates under HB 1021 now in full effect in 2026, and expanded flood coverage requirements for coastal properties, accurate appraisals can reduce premiums by up to 50% through mitigation credits. FPAT specializes in helping associations like yours navigate these requirements under Florida Statute Chapter 718. Ready to start? Contact FPAT for a free 24-hour proposal.
What is a Florida Condo Insurance Appraisal?
A condo insurance appraisal evaluates your property’s replacement cost, damage from events like hurricanes, and mitigation features to secure fair insurance coverage and settlements. It’s essential for claims under Florida law, especially for associations facing rising rates in 2026. Per Florida Statute 627.711, insurers must notify policyholders of premium discounts for hurricane loss mitigation, using a uniform verification form (OIR-B1-1802). This applies directly to condos and HOAs, helping you claim credits for features like impact-resistant windows or reinforced roofs.
- Key Benefits: Fair claim settlements, premium reductions, and compliance with Citizens Property Insurance guidelines.
- Who Needs It?: Tampa condo associations dealing with Hurricane Ian aftermath or preparing for 2026 flood reforms.
- Related Services: Integrate with FPAT’s reserve studies for long-term funding plans.
Step-by-Step Florida Condo Insurance Appraisal Process
Follow this straightforward process to get your appraisal done efficiently. FPAT handles everything from inspection to report delivery, tailored to Florida’s unique risks.
- Initial Consultation and Proposal: Contact FPAT to discuss your condo’s needs (e.g., unit count, location in Tampa). We’ll provide a free, no-obligation proposal within 24 hours, outlining costs and timeline.
- On-Site Inspection: Our licensed experts visit your property to assess structural integrity, mitigation features, and any hurricane damage. This aligns with FS 627.711’s uniform mitigation verification form, documenting items like roof age and wind-resistant doors for premium discounts.
- Data Analysis and Valuation: We calculate replacement costs, potential claims, and mitigation credits using industry standards. For condos, this includes shared elements like roofs and elevators under Chapter 718.
- Report Delivery: Receive a detailed report with photos, estimates, and recommendations. Use it for insurance negotiations or integrations with wind mitigation inspections.
- Follow-Up Support: FPAT assists with claim submissions or updates, ensuring compliance with 2026 reforms like mandatory flood coverage for high-risk areas.
Note: Always consult your attorney or insurance provider for legal advice. FPAT provides professional guidance based on statutes like FS 627.711, which requires insurers to notify you of available discounts.
Key Provisions of Florida Statute 627.711
FS 627.711, titled “Notice of premium discounts for hurricane loss mitigation; uniform mitigation verification inspection form,” mandates that insurers inform policyholders about ways to lower premiums through property upgrades. Here’s a breakdown:
- Notification Requirement: Insurers must use a prescribed form to notify applicants or policyholders of personal lines residential property insurance about mitigation discounts.
- Uniform Form: Establishes the OIR-B1-1802 form for verifying mitigation features, which FPAT completes during appraisals.
- Application to Condos/HOAs: While not exclusive to associations, it supports Chapter 718/720 compliance by enabling discounts on master policies, potentially saving Tampa condos thousands annually.
- External Resource: For full text, visit the official Florida Statutes site.
Cost Estimates and Benefits of Condo Insurance Appraisals
Appraisals vary by property size, but FPAT offers competitive pricing with proven ROI through premium savings.
| Property Size | Estimated Cost | Key Benefits | Potential Savings |
|---|---|---|---|
| Small Condo (Under 50 Units) | $2,500-$5,000 | Full mitigation assessment per FS 627.711 | Up to 30% premium reduction |
| Medium Condo (50-150 Units) | $5,000-$10,000 | Integration with SIRS and hurricane claims | $20,000+ in recovered funds |
| Large Complex (Over 150 Units) | $10,000-$20,000 | Compliance with 2026 flood reforms | Avoid fines up to $10,000 per violation |
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