Insuring a Historic Hotel-to-Condo Conversion in Miami

Client Background
A 28-unit, 3-story Miami property originally built as a hotel in 1935 had been converted into condominiums and needed a full SIRS, TRS, and RCV.

Challenge
The building’s historic materials and structure created unique complications—original concrete walls, a pool deck, and an atrium with irrigation made sourcing replacements nearly impossible.

Our Approach
Alliance Reserve Services developed a tailored plan to accurately reflect the property’s historic character and current costs.

• Researched historical materials and sourced equivalent modern replacements.
  
• Modeled “as-like” pricing to reflect today’s market rates.
  
• Completed studies capturing all unique structural components.
  

Solution Delivered
A complete set of SIRS, TRS, and RCV reports that ensured full insurance coverage, accurate reserve funding, and compliance with all State requirements.

Results
✔️ Properly insured at the correct value.
✔️ Fully funded reserves achieved within two years.
✔️ Awarded follow-up work for six additional properties.
✔️ Strengthened the board’s long-term financial confidence.

Key Takeaway
Custom cost modeling and precise reporting made a historic structure fully insurable and financially secure for years to come.