Florida Condo Owners Face Higher Costs Due to New Safety Law
Florida condominium owners are facing higher costs from condo associations in the new year, a consequence of a safety law passed by state lawmakers in 2022. The law requires associations to have sufficient reserves to cover major repairs and to conduct a survey of reserves every decade.
Consequences of the Law
Older condos, found largely in South Florida, are facing hefty increases to association payments to fund the reserves and repair costs. Condo owner Kelli Roiter sympathizes with people having trouble paying the higher fees, but she supports rules requiring associations to maintain reserves for repairs if it means her oceanfront building gets the repairs it needs.
Concerns from Condo Association Presidents
Rick Madan, president of the Biscayne Neighborhoods Association, which represents 22 condo associations, said the law is bringing condo owners strife by forcing buildings to take full coverage and bringing forth a blanket solution that doesn’t holistically address the crisis. Madan added that the law puts newer condos in the same category of needing reserve funds, inspection reports, and recertifications as much older buildings at the expense of the condo owners.
State Senator’s Perspective
Democratic State Sen. Jason Pizzo, who represented Surfside at the time of the collapse, said he agrees with Madan’s point about property insurance. Pizzo warned of transparency among associations about the required projects for repair costs to prevent structural damage.
Expert’s Opinion
Luis Konski, a Miami attorney who deals with construction and commercial liability cases, said previous condo regulations kept fees low by failing to save money for future repairs, and then owners were hit with special assessments when repairs finally needed to be done. Konski said this encouraged many associations to ignore necessary but expensive maintenance, which is what likely led to the Surfside building collapse.
Conclusion
The new safety law in Florida aims to ensure the structural integrity of condos, but it comes with a hefty price tag for owners. While some condo owners support the law, others are concerned about the increased costs and the lack of flexibility in property insurance. As the state continues to regulate the condo industry, it is essential to strike a balance between safety and affordability.
Frequently Asked Questions
Q: What is the purpose of the new safety law in Florida?
A: The law aims to ensure the structural integrity of condos by requiring associations to have sufficient reserves to cover major repairs and to conduct a survey of reserves every decade.
Q: Who is affected by the law?
A: Older condos, found largely in South Florida, are facing hefty increases to association payments to fund the reserves and repair costs.
Q: What are the concerns about the law?
A: Some condo owners are concerned about the increased costs and the lack of flexibility in property insurance. Condo association presidents are concerned that the law puts newer condos in the same category of needing reserve funds, inspection reports, and recertifications as much older buildings at the expense of the condo owners.
Q: What is the state doing to ensure compliance with the law?
A: The state is requiring condo associations to file an inspection report focused on structure, maintenance, and expected costs for repairs or renovations by Dec. 31. The state is also working to ensure transparency among associations about the required projects for repair costs to prevent structural damage.
