New condo safety law will cost some communities
TAMARAC – Florida's vast condo communities are preparing for big changes after the legislature approved a safety bill during the recent special session.
To prevent another Surfside tragedy that claimed 98 lives a year ago, lawmakers approved a bill that requires all buildings at least three-stories high to be Recertified after 30 years – 25 years if within three miles of the coast – set aside reserves for repairs and require inspection reports to be given to condo owners.
Gryte Kuncaitis has lived at Lime Bay in Tamarac for 10 years. She is treasurer of the condo board and concerned about the financial impact of the new law.
Lime bay is nearly 50 years old and was just recertified.
Recently, the condo's insurance policy became null when the company became insolvent. They had to find new insurance and each resident has been assessed $229 more a month.
Because boards will have to build up reserves to handle repairs, it means residents will face assessments.
"The law was you had a choice to vote for reserves and we always voted it down," she said.
But under the new law, condo boards won't have that option. She fears the many residents on a fixed income won't be able to bear the added costs.
"We have residents on social security getting only 900 to $1000 a month."
And they aren't alone.
Insurance agent Steve Brooks helps insure dozens of condos in South Florida. He says many are in the same boat.
"Many don't have reserves because it would mean increased fees for unit owners" he said.
Condos have a couple of years to prepare. The new law takes effect 2025.
