The money was already in the budget. So why wasn’t the required windstorm insurance purchased?
Last month, many owners believed this issue had finally been resolved.
During the June 3 Board meeting, the Board discussed increasing Brickell Key One’s windstorm insurance to the level required by FL legal requirements which is “Full Replacement Value”. The board had signed a policy limiting wind insurance to $20 Million in coverage. At the meeting the discussion suggested there was agreement that additional coverage was needed.
Just weeks later, owners returned to the June 30 meeting expecting one simple update.
Had the required coverage been purchased?
Instead, we were left with another unanswered question.
This Was Never About Spending More Money
One explanation might have been understandable:
“We couldn’t afford it.”
Except…
The numbers tell a different story.
For three consecutive years, the board budgeted substantially more for insurance than it ultimately spent.
In 2024, more than $521,000 remained unused.
In 2025, that excess amount exceeded $703,000.
Based on current figures, 2026 is projected to finish more than $443,000 below the approved insurance budget.
That isn’t speculation.
Those are the Association’s own financial numbers.
The Required Coverage Still Fits Within the Budget
The quoted cost to purchase the required 100% windstorm coverage was reported as $107,074.
Even after purchasing that coverage, the Association would still have remained approximately $336,169 below its approved 2026 insurance budget.
In other words…
The question wasn’t whether the money existed.
According to the approved budget, it did.
The question owners asked on June 30 was much simpler:
Why wasn’t the required coverage purchased?
Use this calculator to see your estimated insurance overpayment to the Association.
What Do You Think?
You’ve now seen how these budgeting decisions affected your unit, based on the Association’s own budgets and the official ownership percentages established in the governing documents.
Should the same Board members be entrusted with future financial decisions?
Why Owners Asked the Question
This wasn’t simply a discussion about insurance.
Adequate property insurance affects every owner.
It can influence mortgage approvals, refinancing, property values, and the Association’s financial exposure after a major storm.
When owners ask whether the Association is maintaining the insurance required by law, they ask about an issue that directly affects one of their largest investments.
The Evidence
The information presented in this investigation is based on:
✔ Florida Statute 718.111 (Insurance Requirements)
✔ The Association’s approved insurance budgets
✔ Actual insurance expenditures
✔ The quoted cost for the required 100% windstorm coverage
✔ Statements made during recent Board meetings
Every owner is encouraged to review these documents and reach their own conclusions.
The Bottom Line
This issue was never about asking the Board to spend money it didn’t have.
The approved insurance budget already provided room to purchase the required windstorm coverage while still remaining substantially under budget.
Owners weren’t asking for a luxury.
They weren’t asking for a new amenity.
They were asking why the Board had not purchased insurance that they stated they would. It appears to be required; the budget shows that it could be done with $336,000 left unused.
That question deserved a clear answer.
