Florida legislative bill could strip insurance from non-compliant condo buildings
A new bill in the Florida Legislature could leave thousands of condo owners without state-run insurance if their buildings fail to meet structural safety requirements.
The proposed measure, introduced by State Rep. Vicki Lopez, would strip Citizens Property Insurance from condominiums that have not completed a required structural integrity reserve study (SIRS), a move that has some residents concerned about affordability and coverage.
Condo owners struggle with compliance
Tony Fratianni, who lives in the Sunrise Lakes condo community, said his homeowners association has yet to complete the study, which was required by Dec. 31.
The SIRS mandate forces condo associations to assess their buildings, establish reserves and fund necessary repairs, costs that fall directly on unit owners.
"Our board is doing everything they can to keep us afloat and at the same time, the people in the buildings that don't attend these meetings just don't understand," Fratianni said. "I don't know if you can get water from a stone."
Walter Raser, another condo owner, worries the bill could financially devastate elderly residents.
"We're not asking for safety to be ignored. We're asking for elderly communities to be listened to," Raser said. "In this situation, safety should not override the cost. It's literally going to cost people their homes."
Widespread non-compliance raises risks
A study by the Miami Association of Realtors found that as of last month, only 44% of condo buildings in Miami-Dade County and 41% in Broward County had completed the required study.
Peter Zalewski, a South Florida condo market analyst and founder of CondoVultures.com, said the bill's impact could be far-reaching, even for buildings that don't currently rely on Citizens coverage.
"If Citizens is saying, 'No, we're not going to insure you,' I can bet the house the private sector is not going to insure," Zalewski said.
Citizens Property Insurance covers 18,468 condo buildings with associations, more than half of them in Miami-Dade, Broward and Palm Beach counties. Zalewski warned that if a large number of condo owners lose their coverage, those who remain insured could face steep premium increases to offset the financial risk.
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