With Condos and HOAs, the obligation might be that the cost of fixing it follow the owner. Not just the unit, but the property in common. If there was no insurance or insurance was inadequate, there might be big special assessments.
I am not sure about Florida, but some states have laws that are intended to protect owners in condo association... Does florida require the association to buy insurance?
I would have to understand the details. If I were considering any property like that I would have a lawyer review it to better understand my exposure to financial obligations over and above the cost of the unit.
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