A proposed bill in Florida could jeopardize property insurance for thousands of condominium owners due to non-compliance with safety regulations. Introduced by Rep. Vicki Lopez, the bill would prevent Citizens Property Insurance Corp. from insuring condo associations that have not completed a Structural Integrity Reserve Study, mandated after the Champlain Towers South collapse. Over 90% of Florida's 1.6 million condos are over 30 years old, and compliance rates for safety studies remain low, threatening many residents, especially retirees on fixed incomes, with losing essential insurance coverage.
The proposed bill by Rep. Vicki Lopez aims to ensure condominium associations comply with new safety requirements to maintain their property insurance.
About 90% of Florida's condominiums are over 30 years old, yet many have yet to complete necessary reserve studies as mandated by law.
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