As Florida continues to navigate the aftermath of recent hurricanes, condo owners in the state are now facing increased costs due to new safety regulations enacted in response to the tragic Champlain Towers South collapse in June 2021, which resulted in the loss of 98 lives. The law, signed by Governor Ron DeSantis in 2022, mandates that condo associations maintain sufficient reserves for repairs and conduct reserve surveys every decade [fa6b112a].
This new regulation is particularly impactful given that nearly 90% of Florida's 1.6 million condos are over 30 years old, raising concerns about the financial burden on retirees and the adequacy of state oversight [fa6b112a]. The average homeowner’s insurance premium in Florida is currently around $3,600, which is $1,000 above the national average, further straining the finances of condo owners [fa6b112a].
In addition to the financial implications, the law requires that buildings with three or more stories submit inspection reports by December 31, 2024. Real estate agents have noted that prospective buyers may increasingly demand structural inspections in light of these new regulations, reflecting a growing awareness of safety concerns in the condo market [fa6b112a].
Despite these challenges, Florida residents, including those who have recently experienced hurricanes, continue to express their commitment to the state. Many, like Kristin Hale, emphasize their love for Florida's beauty and lifestyle, even as they grapple with the realities of increased costs and regulatory changes [bab249d5]. The resilience of Floridians shines through as they adapt to both the natural and regulatory landscapes that define their home.