|Florida Statute 718.111(11)a
ALL Residential Condominium Associations Are Required By Florida Law To Have A
Replacement Cost Valuation Conducted At Least Every 36 Months
"Adequate property insurance, regardless of any requirement in the declaration of condominium for coverage by the association for full insurable value, replacement cost, or similar coverage, must be based on the replacement cost of the property to be insured as determined by an independent insurance appraisal or update of a prior appraisal.
The replacement cost must be determined at least once every 36 months."
Failing to comply with Florida Statute can lead to fines by the State or penalties from
your insurance company if you have to file a claim:
"Failure to comply with the Florida Statutes and the Florida Administrative Code (FAC) can lead to action by the Department of Business and Professional Regulation (DBPR)
including fines of up to $5,000 per violation.”