Florida Advances Condo Storm-Hardening Program Amidst Insurance Premium Concerns

In response to the disparity in storm-hardening assistance between single-family homeowners and condominium owners in Florida, a new bill is gaining traction to address the issue. Senate Bill 1366, sponsored by Sen. Nick DiCeglie, seeks to establish the My Safe Florida Condominium Pilot Program. The program aims to provide funding for condominium upgrades to withstand hurricanes and prevent damage, similar to existing initiatives for single-family homes.

The proposed legislation instructs the Department of Financial Services to administer the pilot program, accepting and processing applications from eligible condominium associations. To qualify, a condominium must be located within 15 miles of the coast and obtain approval from its association board for an inspection. Inspectors will then recommend improvements, such as reinforcing roof-to-wall connections and upgrading exterior doors.

The primary goal of the program is to enable condominium owners and associations to strengthen their buildings, ultimately reducing insurance premiums. Modeled after the successful My Safe Florida Home program for single-family homes, which has received significant funding since 2022, the condominium pilot program aims to provide similar benefits to condo owners.

However, unlike its single-family home counterpart, the proposed condominium program currently lacks allocated funding. While the House version of the bill includes $600,000 in the budget, the Senate's budget does not allocate any funds for the program. The final funding amount will be determined through negotiations between the two chambers.

For condominium owners grappling with skyrocketing property insurance premiums, this legislation offers hope for relief. By investing in storm-hardening improvements, condo associations can mitigate risk and potentially lower insurance costs for residents.

Both the Senate and House bills still have several committee stops before reaching the floor, but the momentum behind the initiative signals a positive step towards addressing the pressing issue of insurance affordability for condominium owners in Florida making condo living attractive.