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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.
Condo sales, on the other hand, are slow because the cost of both buying and owning a condo has surged. Homeowners insurance in Florida increased about 40% year over year in 2023—and a whopping ...
The report is just a small sector of the large-scale issue in Florida’s condo and property insurance crisis. A May report from the Florida Office of Insurance Regulation noted that the average ...
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]
The owners of the LLC, called members, are protected from some or all liability for acts and debts of the LLC, depending on state shield laws. In the United States, an S corporation is limited to 100 shareholders, [b] and all of them must be U.S. tax residents. [c] An LLC may have an unlimited number of members, and there is no citizenship ...
A condominium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.
What no one predicted then was record inflation, high interest rates and, above all, that Florida’s insurance industry would tailspin into a crisis. Poliakoff said he’s heard stories of condo ...
With condo owners slashing prices up to 40% and interest shifting to single-family homes, the market faces volatility, increased scrutiny and potential contraction as insurance companies raise ...