For Florida condo boards and managers

Does the master policy cover the value on your building schedule?

The scheduled building value and the amount available for one loss can be different. We help boards compare both before deciding whether a renewal proposal fits the association.

Updated September 27, 2026

Review My Condo Building Policy Talk With Joe

Start with the property and best contact. Policy documents can follow.

Four terms to keep separate

A statement of values, declarations, proposal summary, and endorsements serve different purposes. Read them together. A large number beside the building name is a starting point for the review.

Scheduled value

The value listed for a building or other property on the schedule or statement of values. It helps describe the insured property; it does not, by itself, resolve every limit in the contract.

Occurrence limit

A limit applying to a loss event as defined by the policy. Check whether it is shared across buildings or locations and whether a particular cause of loss has its own limit.

Sublimit

A separate limit for a specified coverage, property item, or cause of loss. A headline property limit does not remove the need to read those smaller limits and exclusions.

Deductible and settlement basis

The deductible is the association's stated share under the applicable policy terms. Replacement-cost or other settlement provisions also affect payment. Neither should be inferred from the property value alone.

Real Miami condo quote comparisons

See what a closer look at the master policy can change

At Greene and Associates, we help condo associations throughout Florida compare building insurance. These Miami examples show terms we secured when reviewing the coverage limit, deductibles, market, and premium together.

Miami twin-tower high-rise

$250 million in building value. A $100 million coverage cap.

The existing program scheduled $250 million in building value but capped coverage at $100 million per occurrence. We secured admitted-market terms with a $250 million coverage limit, without that lower $100 million cap.

$109,000 lower quoted premium

Coverage limit: Existing terms$100 million per occurrence; $250 million scheduled value
Our quoted terms$250 million coverage limit
Total premium: Existing terms$1,209,000, including $56,000 surplus-lines tax
Our quoted terms$1,100,000
Market: Existing termsLayered non-admitted carriers
Our quoted termsAdmitted
Named storm deductible: Existing terms5%
Our quoted terms5%
All other perils (AOP): Existing terms$10,000 deductible
Our quoted terms$10,000 deductible

What the board can learn: Scheduled building values do not always equal the amount available for one loss. Our quote raised the coverage limit by $150 million while keeping the stated named storm percentage and AOP deductible the same.

These anonymized examples show terms we secured; they do not indicate that coverage was bound. Our comparisons summarize selected terms, not every exclusion, sublimit, or deductible. Percentage deductibles depend on the policy’s calculation basis. Available terms and pricing depend on the building, underwriting, and policy forms; similar results are not guaranteed.

What does your condo’s current limit actually cover?

Start with the association’s address and your contact details. If you have the current policy or renewal offer, we can help compare the limits, deductibles, and pricing. Documents can follow.

Review My Condo Building Policy Talk With Joe

Use the board’s renewal comparison worksheet

What this comparison tells the board

In the Miami example, listing $250 million in building value did not remove the existing $100 million occurrence cap. Our quoted terms raised the coverage limit by $150 million. The quoted premium was also $109,000 lower; the prior $1,209,000 total already included its $56,000 surplus-lines tax.

That is a comparison of selected quoted terms, not a conclusion about every possible claim. A $250 million coverage limit is still a limit. Actual payment depends on the covered loss and the policy's deductibles, exclusions, sublimits, settlement provisions, and other conditions.

A layered program also needs to be evaluated on its actual structure. Multiple insurers do not automatically mean a gap, and an admitted insurer does not automatically make every coverage term better. Ask for the differences in writing.

Six questions to ask before the board votes

Where does the proposal state the amount available for one occurrence, and which form or endorsement controls it?
Is that limit dedicated to our association, shared across our buildings, or part of a program covering other locations?
Which causes of loss have separate limits, deductibles, exclusions, or annual aggregates? Ask about wind and flood explicitly.
If several carriers provide layers, where does each layer begin and end, and are the terms consistent across the layers?
What value is each percentage deductible applied to? Request a dollar illustration using the actual policy basis.
Do the valuation and settlement provisions, policy period, fees, and taxes line up across the proposals being compared?

Record the answers in our renewal comparison worksheet. Leave uncertain items marked as questions until the insurer or appropriate adviser confirms them.

Lender requirements are a separate check

For loans it purchases, Fannie Mae publishes master-property requirements that address coverage amount and loss settlement. Its guide generally calls for an amount equal to at least the estimated replacement cost of project improvements. The lender must assess the applicable requirements; a policy summary alone should not be treated as confirmation of loan eligibility.

Those are lending-program requirements. The association's obligations under Florida law and its governing documents also need their own review.

Read Fannie Mae's current master-property guidance