The Florida calculation could withdraw the insurance of non -compliant condominiums

A proposed legislative template in Florida could remove state property insurance from citizens from condominium associations that conclude non -concluded studies on structural integrity reserve and possibly leave out thousands of residents without cover.

New penalties for non -compliance

The legislative template introduced by the state MP Vicki Lopez would punish condominium associations that have not completed the necessary studies that evaluate the structural integrity of a building and prescribe financial reserves for the necessary repairs. The deadline to complete the study was December 31, but many buildings do not yet have to keep up.

“Our board does everything to keep us alive, and at the same time the people in the buildings who take part in this meeting simply don't understand,” said Tony Fratianni, a resident of the Sunrise Lakes Condo Community in Sunrise. “I don't know if you can get water out of a stone.”

Widespread effects in South Florida

A recently carried out study by the Miami Association of Realors showed that only 44% of the condominium buildings in Miami-Dade County and 41% in Broward County have completed their studies. If the invoice goes away, thousands of ownership owners could let up in an already narrow market after insurance.

“We do not demand that security be ignored. We ask for the hearing of older communities,” said Walter Raser, a affected resident. “In this situation, security should not override the costs. You will literally cost people.”

Market uncertainty and rising costs

Peter Zalewski, who heads conductorures.com, a company that analyzes the condominium market in Südflorida warned that if the citizens drop the reporting, private insurers will probably not occur.

“If the citizens say: 'No, we will not assure you,' I can bet that the house will not be assured that the private sector is not insured,” said Zalewski.

The real estate insurance of the Citizens currently comprises 18,468 condominium buildings with an association, of which more than half of which are located in the counties Miami-Dade, Broward and Palm Beach. Zalewski predicts that those who retain that many owners, if many owners lose insurance, are faced with higher premiums to compensate for the increased risk.

Lopez did not respond to a request for comments.