florida condominium insurance

FICPA: Common Interest Realty Associations
Most recent news from the FICPA Common Interest Realty Associations Section News pages.

• Condo Boards Want Banks''Free Ride' to End
  He frequents the pool at The Venetia condo building. He leaves his Jaguar with the valet. He uses the gym. He's also behind on his mortgage and isn't paying his condo association fees.
• Condos Say State Insurer Owes Them Millions for 2004 Hurricane Damage
  It's been four years since Florida suffered through its worst hurricane season in recorded history -- the 2004 quartet of Charley, Frances, Jeanne and Ivan, and a cumulative $42 billion in damage. Yet Citizens Property Insurance Corp. still has almost 2,000 unresolved homeowner-damage claims from that season and the 2005 storms.
• Take Paramount Condo Buyers' Lawsuits One at a Time, Judge Decides
  Buyers of condominiums in the Paramount on Lake Eola who want to back out of their contracts will have to battle the developer one at a time, now that a judge in Orlando has rejected a request to grant class-action status to one buyer's lawsuit.
• New Laws, New Rule
  I have received many requests for a summary of the new laws that were enacted by the state Legislature. The following are some of the changes that will affect condominiums throughout Florida. Location of official records: All of the official records (other than the election materials) must be kept for seven years. They must now be made available for inspection within 45 miles of the condominium property, or within the county in which the property is located. Associations may comply with record inspection requests by providing the records electronically via the Internet or a computer screen, printed upon request.
• Metro U.S. Home Prices Fall on Higher Foreclosures (Update2)
  Oct. 2 (Bloomberg) -- Home prices dropped in 24 of 25 U.S. metropolitan areas in July, led by declines in Las Vegas and the coastal cities of California, as foreclosures depressed prices and accounted for a fifth of all sales.
• Stronger Information Reporting Urged for Rental Real Estate
  Congress should consider making all taxpayers reporting rental real estate activity subject to the same information reporting requirements as other taxpayers with a trade or business, according to the Government Accountability Office.
• After Foreclosure, it's Time for Neighbors to Pay
  You pay your mortgage on time, keep your house shipshape and are paid up on all of your condo or homeowners association fees.
• Housing and Economic Recovery Act of 2008 FAQ
  Q: How will the law help struggling homeowners keep their homes? A: Through the Federal Housing Administration (FHA), an estimated 400,000 borrowers in danger of losing their homes will be able to refinance into more affordable government-insured mortgages. The program offers government insurance to lenders who voluntarily reduce mortgages for at-risk homeowners to at least 90% of the property's current value.
• Tax Credit to Aid First-Time Homebuyers; Must Be Repaid Over 15 Years
  WASHINGTON — First-time homebuyers should begin planning now to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008.
• FICPA CIRA Section Newsletter - October 15, 2008
  
• FICPA CIRA Section Newsletter - September 17, 2008
  
• FICPA CIRA Section Newsletter - August 20, 2008