TAMPA — Florida condo owners are already facing higher fees to keep up with new safety regulations.

However, many are starting to question whether Florida’s fragile property insurance market can handle back-to-back hurricane damage.

“This year, with these two big hurricanes, we’re anticipating a big increase,” said Pat Hutson, a condo owner in Tampa. “I’m very worried that our monthly dues will not cover the new insurance premium.”

“Condo fees are going up and insurance is going up,” Joe Todd said. “We did have a huge insurance premium increase. It was like a $300,000 increase that we hadn’t budgeted for.”

Many condo owners are also facing hefty special assessment fees to comply with a new state law following the deadly Surfside condo collapse in 2021.

The law requires condo reserve to be fully funded for potential structural repairs.

“They’re about to get hit with all kinds of financial issues,” said Eric Glazer, a board-certified attorney. ”We’ve got insurance that they’re dealing with. We have mandatory reserves now. We have mandatory inspections. We have mandatory repairs.” Glazer specializes in condominium and planned development law. “Some people are scrambling with special assessments,” Glazer said. “All of this, in addition to the insurance, everything’s coming together exactly at the same time. So, for condominium owners, it’s a perfect storm.” He hosted a four-hour certification course that is now required for all condo and HOA board members in Florida.

“For those condos that waived reserves for years, if not decades, and didn’t take good care of their building, they’re in big trouble,” Glazer said.

Florida’s Chief Financial Officer Jimmy Patronis said Florida learned lessons from Hurricane Ian, and he believes the insurance market is strong enough to handle these claims.

“So, we then have to increase the amount of capital they have to do business in the state of Florida, whether it be because of the violent nature of the storms, the cost of the damage, so for these carriers to continue to do business in the state of Florida, we increase their requirements to do that,” Patronis said. “This is something we prepare for.”

“I don’t think this is going to be an Ian,” Patronis said. “Ian generated almost 800,000 in claims and $21 billion in losses.”