Friday, May 27, 2022

DeSantis signs property insurance, condo reform bills into law

Hello Friends,

Thank you for joining me again for this latest newsletter. I am very happy to announce that this week's special session has led to a monumental victory for Florida Homeowners. I personally want to thank all the legislators who worked so hard to bring HB 1D and SB 2D (Property Insurance Reform) to the table and pass in a victorious bi-partisan effort. (The bill passed 95-14 in the House and 30-9 in the Senate.)

It is common knowledge that Floridians have been battling high insurance premiums and impossible policies in insuring their property and homes. But with the passing of this legislation relief is on the way! Thank you also to Governor Ron DeSantis for spearheading this initiative by calling a special session to address and remedy this crisis and signing the package into law.

“This package represents the most significant reforms to Florida’s homeowners insurance market in a generation,” said DeSantis. “These bills will help stabilize a problematic market, help Floridians harden their homes through the My Safe Florida Home Program, and pave the way for more choices for homeowners.”

The legislation (SB 2B) will alleviate rising insurance costs, increase insurance claim transparency, and crack down on frivolous lawsuits.

Also passed was a measure (SB 4D) that modifies structural inspection and financial reserve requirements for condominium associations. The bill, added to the agenda Tuesday, passed immediately in the Senate before being approved by the House on Wednesday. The legislation is in response to the Surfside building collapse that killed 98 people last year.

According to the bill, condominiums and cooperative buildings higher than three stories will be required to undergo periodic inspections on structural integrity. Notably, statewide recertification will be required after 30 years, or 25 years if the building is within 3 miles (5 kilometers) of the coast, and every 10 years thereafter.

The legislation also prevents condo associations from waiving maintenance reserve funds.

This weekend we will honor all those who have served, fought, and died for this Great Nation. Let us bow our heads in remembrance of their dedication to freedom. Let us remember what a great debt all of us owe to those who have made the greatest sacrifice for freedom. May we all strive to live our lives in such a way that honors their sacrifice and that reflects the knowledge of a debt that can never be repaid.