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Florida condo owners grow anxious waiting for lawmakers to act

The biggest issue appears to be helping older condo associations accumulate the reserves needed for future repairs.

By Melea VanOstrand | April 05, 2022 at 01:00 AM
“Insurance companies are raising rates on all coastal high-rise insurance policies by up to 250% in some cases, and in other instances, they are not willing to insure older buildings (40 to 60 years old) which have structural deficiencies that were not corrected and no reserves available to correct them,” said David Haber of Haber Law. Similarly, financial institutions are no longer willing to lend to prospective purchasers of units in those buildings.” (Credit: Felix Mizioznikov/Shutterstock) “Insurance companies are raising rates on all coastal high-rise insurance policies by up to 250% in some cases, and in other instances, they are not willing to insure older buildings (40 to 60 years old) which have structural deficiencies that were not corrected and no reserves available to correct them,” said David Haber of Haber Law. Similarly, financial institutions are no longer willing to lend to prospective purchasers of units in those buildings.” (Credit: Felix Mizioznikov/Shutterstock)

Despite the tragic condominium collapse in Surfside in June 2021, the Florida Legislature has still not agreed on a bill that would require more rigorous inspections for condos. So, without legislation, attorneys are taking the initiative to create their own guidelines for condominium owners worried about the possibility of future tragedies. 

The proposed legislation, SB 1702, would have required condominiums to conduct studies so engineers can tell condo boards how much money they’ll need to set aside for repairs. The proposed bill would also have required recertification inspections on old buildings. Under current Florida law, older builders are not legally required to have a safety inspection.

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Melea VanOstrand

Melea VanOstrand

Melea VanOstrand oversees the Daily Business Review as ALM's Florida Bureau Chief. Email Melea at [email protected] or follow her on her Twitter or Facebook pages.

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