After last year’s Surfside condo collapse, serious reform as to how these buildings are built and maintained is being discussed by local lawmakers in special session in Tallahassee.
A deal was reached on Tuesday afternoon regarding a bill that would strengthen inspections and stabilize the state’s faltering homeowners’ insurance industry.
Lawmakers in the House and Senate yesterday proposed bills requiring condo inspections every ten years for three-story buildings that are at least 30-years-old. The bills also call for condo associations to maintain enough in reserves to cover repairs and maintenance. Senate President Wilton Simpson says we can never replace the lives lost, but we can honor their memory with strong reforms that will better protect condo owners and residents moving forward.
The goal of the legislation is to ensure that the maintenance and repairs won’t be delayed and the costs will be covered by the condo owners and boards. This bill would also require that condos keep money in reserve in the event of the need for immediate repairs.
Senate President Wilton Simpson says we can never replace the lives lost, but we can honor their memory with strong reforms that will better protect condo owners and residents moving forward.
Also, the Florida Senate took its steps to solve the property insurance crisis by approving a bill that would improve choices and reduce rates over time between homeowners and insurance companies.
The legislation is designed to reduce frivolous litigation that drives up costs for policyholders and insurance companies.
The Republican majority at the statehouse remains hopeful homeowners will see a positive impact.
The bill would be a $2 billion insurance reform and the final votes will be held on Wednesday.