Florida Insurance Guaranty Ass'n v. Somerset Homeowners Ass'n

Florida Insurance Guaranty Association (“FIGA”) appeals from a final judgment confirming an appraisal award arising out of an insurance policy between FIGA and Somerset Homeowners Association, Inc. (“Somerset”). FIGA raises a number of issues on appeal. FIGA argues, among other things, that the trial court erred by awarding Somerset replacement cost value (“RCV”) benefits. We agree and reverse on that one issue, but affirm the final judgment in all other respects.

By way of background, the Somerset condominium buildings sustained extensive damage due to two hurricanes. Somerset was covered by…