Condo and Homeowner Associations in Florida are generally required by law to get competitive bids for most all services that exceed 5% of the total annual budget for Condos, or 10% for HOA's. Smaller associations can be exempt and certain categories of professional service providers are exempt: employees, attorneys, accountants, architects, community association managers, engineers and landscape architects. In most condos and some HOA's the insurance premium exceeds these limits.
So, do I need to get competitive bids for my insurance?
The short answer is - your agent does this for you.
Your agent, via an "agent of record letter" is authorized to get bids from multiple insurance companies. Your board should work with an agent that you can trust will look out for your best interests and provide you good service in time of need.
Here is a link to a GREAT article that explains this in much more detail.