Bill Summary By
CCFJ Director for Legislative Affairs
Milena Macias, Esq.   
 

ANALYSIS OF BILL HB 655/SB 802

LEGISLATIVE SESSION 2024

HB 655 (SUMMARY):

Condominium Windstorm Pilot Program (Rep. Hillary Cassel, Rep. Anna Eskamani)

SB 802 (SUMMARY):

Condominium Windstorm Pilot Program (Senator Anna Maria Rodriguez)

Condominium Windstorm Pilot Program; Requires OIR to establish Condominium Windstorm Pilot Program for specified purpose; requires office to submit certain information to Legislature by specified date; provides for expiration of program; requires majority vote of total voting interests of condominium association in order to participate in program; provides requirements for associations to participate in program; requires insurance policies issued under program to align with estimated reserves of association; authorizes office, in collaboration with other stakeholders, to create certain educational materials.

We need to alert, support and ensure the condominium windstorm pilot program gets passed – it is a yes-yes-yes all the way. The safety, health, and welfare of the members in condominium associations in the State of Florida are paramount and need to be protected. The bill requires the Office of Insurance Regulation establish a windstorm pilot program based upon the vote and approval of majority interests by members in a condominium association. The vote may take place at the annual budget meeting of the association or at a condominium unit owner meeting called for the purpose of taking such vote. Before a vote of the condominium unit owners may be taken, the association must provide the condominium unit owners a clear disclosure of the pilot program on a form created by the Office of Insurance Regulation. The president and treasurer of the association must sign the disclosure form indicating that a copy of the form was provided to each condominium unit owner of the association. The signed disclosure form and the minutes from the meeting at which the condominium unit owners voted to participate in the pilot program must be maintained as part of the official records of the association and be provided to the corporation at initial issuance of the policy and as part of the association’s annual policy renewal process. The bill provides that Citizens Property Insurance Corporation issue insurance coverage to residential condominium associations which covers the actual cash value of the roof of a participating condominium, rather than the replacement cost value. In addition, a residential condominium association that participates in the pilot program must have biannual roof inspections and submit such inspections, along with the association’s most recent structural integrity reserve study, if required, to the corporation at initial issuance of the policy and as part of the association’s annual policy renewal process. The bill also allows development of educational materials that inform residential condominium associations and their members about the pilot program and the importance of maintaining and documenting roof upkeep.

For too long, and in many cases -- far too late, owners in condominiums are now faced with refusal of coverage by insurance companies, and have no adequate of replacing roofs except for a special assessment which owners cannot afford. This pilot program may alleviate some of the burden, insurance will be available and at a lower or stable insurance premium.

EFFECTIVE JULY 1, 2024

ORIGINALLY  FILED VERSION OF HB 655