Push to strip insurance coverage protection for some condos
FOX 13’s Kellie Cowan breaks down a invoice filed in Tallahassee that may penalize apartment associations that haven’t completed required security checks following the lethal Surfside collapse in 2021.
TALLAHASSEE, Fla. – A Florida lawmaker has filed a invoice that may strip apartment associations of entry to state-run Residents Property Insurance coverage if they do not adjust to new constructing security legal guidelines.
The backstory:
On June 24, 2021, a 12-story apartment constructing within the Miami suburb of Surfside collapsed, killing 98 individuals.
Since then, Florida lawmakers have taken steps in hopes of stopping future tragedies, together with requiring most apartment buildings taller than three tales to finish a security research by the tip of 2024, together with setting apart reserves to make sure the structural integrity of their buildings sooner or later.
Nevertheless, the state has discovered that greater than half of these buildings have not submitted proof displaying these steps have been accomplished.
Now, Republican State Rep. Vicki Lopez of Miami is proposing penalties, together with kicking non-compliant buildings off their Residents protection.
What they’re saying:
“We’re not within the enterprise of bailing individuals out who didn’t do the suitable factor from the get-go. Along with that, effectively, as a result of it’s your tax cash, by the best way. It’d be you bailing them out,” Lopez stated throughout a current summit for the Miami Affiliation of Realtors.
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The opposite aspect:
Many apartment associations and residents have been upset final yr when state lawmakers refused to increase the inspection deadline any additional, saying they’re being requested to place up an excessive amount of cash. Some homeowners have even stated they have been hit with 5 or six-figure assessments.
Lopez and different supporters of her invoice, although, say these residents have choices, like borrowing in opposition to the fairness of their house or profiting from Miami-Dade’s interest-free mortgage program particularly set as much as assist with evaluation charges.
What’s subsequent:
The invoice, HB 913, shall be thought of throughout the annual legislative session, which begins subsequent Tuesday, March 4.
The Supply: Data for this story was gathered by FOX 13’s Kellie Cowan.
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