SARASOTA - With the 2025 hurricane
season less than two months away, condominium owners are facing some hard
realities about rising insurance costs and skyrocketing fees.
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Condo association fees
have increased significantly since the condo building
collapse in the Miami suburb of Surfside in June 2021.
Florida lawmakers required condo associations to make
significant structural repairs to older buildings and
maintain adequate reserves for future repairs.
The new rules are generating large special assessments for
condo owners across the state, causing turmoil in Florida’s
real estate market, where values are declining
significantly.
Condo owners are asking if they can get help with these
special assessments. |
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ABC7 asked Mark
Friedlander, director of corporate communications for the
Insurance Information Institute, what options are available.
