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Two Florida lawmakers blame insurance companies — not new state law — for helping to fuel a condo crisis that has hit owners with rising fees and assessments in high-rise buildings. State Sens ...
Not surprisingly, condo listings are up across the state of Florida. According to Florida Realtors, as of November 2024, new listings of condos and townhouses rose by 5.5% year-over-year. And ...
Per the new Florida law, all three-story-plus condo buildings and at least 30 years old must undergo a mandatory engineering assessment before Dec. 31, 2024. ... Car insurance rates have spiked in ...
The crisis follows new laws enacted after the 2021 Champlain Tower South collapse, mandating rigorous safety checks for condos over 30 years old, resulting in massive repair costs and a rush to ...
Increased insurance premiums have already left many Florida condo owners facing increased HOA fees. That's coming at a time when the insurance the owners carry on their own units is becoming ...
The Florida Insurance Guaranty Association board met on March 31 and filed for an emergency assessment of 1% on all Florida property insurance policies. [32] That is in addition to a 0.7% for 2022, a 1.3% assessment from July 1 2022 to June 30 2023, and another 0.7% ending December 31 2023. [32]
State law now bans condo associations from waiving financial reserves for building maintenance, a common practice among associations. ... that Florida’s insurance industry would tailspin into a ...
South Florida condo owners, burdened by spiraling insurance, repair bills and a new state law, saw their association fees shoot up nearly 60% over the past five years — driving some to consider ...