Between insurance premiums rising and increased oversight in Florida, condo residents are getting squeezed
Under a new law, condos in Florida can no longer waive reserves for building components deemed critical to structural soundness.Condo owners in Florida, already getting squeezed by increasing insurance costs, also might get hit soon by higher monthly fees from new state regulations on structural inspections and reserve funds.
Gov. Ron DeSantis in May signed the law in response to the 2021 tragic collapse of Champlain Towers South in Surfside, Fla., that . Under the new law, new structural inspections are required of most condo buildings over 30 years old, or 25 years old if within 3 miles of the coast.
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