🇺🇸 English | 🇪🇸 Español 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…
🇺🇸 English | 🇪🇸 Español Today marks the six-month anniversary of the start of construction on our second-floor elevator lobby renovation. The project is being led by our Board President, Olena Biletska, who frequently points to her construction background. Let’s put this project into perspective. The entire renovation area is less than 600 square feet—roughly…
(A continuation of: “You Need to Know”) Key Takeaways The association’s wind insurance includes a $20 million sublimit, which may be far below the building’s true insurable value of $118 million. The Association was advised that coverage did not meet lender requirements and chose not to increase it due to premium cost. This insurance gap…
Key Takeaways A mortgage refinance was declined due to questions about the association’s master insurance coverage. Multiple lender requests to management went unanswered for weeks. This type of delay can impact any owner trying to refinance or sell to a buyer who needs a mortgage. Timely and complete responses to lender inquiries are essential to…
