Florida Community Association Manager Practice Exam

What does the Condominium Act FS 718.111 address?

1. Community living regulations

2. Insurance requirements

3. Building maintenance codes

4. Condo association election procedures

The correct answer is: Insurance requirements

The Condominium Act, specifically FS 718.111, addresses insurance requirements for condominium associations. This section stipulates the types of insurance that associations must maintain, including property insurance, liability insurance, and any other coverage deemed necessary for the protection of the condominium and its members. It outlines the obligations of the association to insure common elements and the extent of coverage required to safeguard against potential risks, ensuring that both the association and individual unit owners are protected financially in case of damages or disasters. By focusing on insurance requirements, the act plays a critical role in providing a framework that helps protect the interests of homeowners within condominium communities, promoting stability and security in community living. Understanding these provisions is vital for community association managers, as they are responsible for ensuring compliance and maintaining the necessary insurance coverage to protect the community's assets.