Florida Condos in Jeopardy of Having Insurance Yanked Under Proposed Law if Buildings Don't Meet Requirements
Rep. Vicki Lopez, a Republican, has introduced a bill that would bar Citizens Property Insurance Corp., Florida's insurance of last resort, from issuing or renewing policies to condo associations that have not completed a Structural Integrity Reserve Study.
Under a building safety law passed on the heels of the deadly 2021 collapse of the Champlain Towers South condo in the upscale Miami suburb of Surfside, FL, condo buildings that are at least three stories high and over 30 years old are required to undergo milestone inspections and reserve studies, and must have sufficient funds in their budget to carry out major repairs and maintenance.
In total, about 90% of Florida's 1.6 million condominiums are more than 30 years old, reported the Associated Press.
The deadline to complete the first reserve study was Dec. 31, 2024, but the majority of the 11,270 condo associations that fall under the requirement so far have not complied, the secretary for the Florida Department of Business and Professional Regulation told House lawmakers last month, as the Miami Herald first reported.
Lopez's 99-page bill, known as HB 913, targets noncompliant condo associations by threatening them with insurance coverage termination—a move that could have an outsized impact on thousands of households throughout Southern Florida, particularly on retirees living on fixed incomes.
According to a study by the Miami Association of Realtors, only 44% of condo buildings in Miami-Dade County and 41% in Broward County have completed their reserve studies to date.
Realtor.com® on Monday reached out to Lopez for comment on her bill and was waiting for a reply, but in an Instagram post last month, the GOP lawmaker said that her 'legislation addresses the need for modernized, efficient, and inclusive condo management, prioritizing safety and financial sustainability for Florida's communities.'
However, concerns have been raised that Lopez's bill could deepen Florida's insurance crisis.
State Sen. Ileana Garcia, Lopez's fellow Republican, told the Herald that HB 913 'threatens to significantly displace thousands of condominium owners in Florida, all in an effort to pave the way for private companies to enter the market.'
Garcia went on to describe the bill as a punitive measure that offers no way for struggling condo associations to become compliant with the law.
'As a result, many Floridians could lose their insurance, compelling associations to implement steep special assessments that will hit seniors, retirees, and low-income residents the hardest,' the state senator told the outlet.
Meanwhile, Peter Zalewski with CondoVultures.com, a company that studies South Florida's condo market, told CBS News that there is a good chance that if the state-backed Citizens Property Insurance pulls the plug on coverage, private insurance companies will not be in a rush to step in.
Those who get to keep their Citizens policies will likely face higher premiums to offset the elevated risk, according to Zalewski.
Citizens currently covers 18,468 condo buildings overseen by 4,213 associations, more than half of which are located in Miami-Dade, Broward, and Palm Beach counties.
It was not immediately clear how many of those condo associations insured by Citizen were noncompliant with the study requirement.
Rep. Mike Caruso, a GOP ally of Gov. Ron DeSantis, has expressed fears about the potentially disastrous impact of the condo safety law adopted after the Surfside disaster, especially on senior citizens.
If not amended, the strict measure could trigger the 'next wave of homeless people,' he warned earlier this year.
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