Florida condo owners hammered by soaring insurance, dues, special assessments — but some are taking a stand

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

Florida condo owners hammered by soaring insurance, dues, special assessments — but some are taking a stand

‘I’ve paid about $20,000 in additional assessments’: Florida condo owners are getting hammered by skyrocketing insurance, dues, special assessments — but 1 small group is taking a stand

In St. Petersburg,

This is the hidden content, please

• Sign In
• or
• Sign Up

condo communities are pushing back against rising HOA fees and special assessments. Many say the increasing costs are pricing them out of their homes, yet major repairs remain unaddressed.

“I’ve been here for about three years, and my assessments have doubled,” resident Diana Smith

This is the hidden content, please

• Sign In
• or
• Sign Up

WFLA NBC Channel 8 reporter Linnie Supall.

Smith has paid an extra $20,000 over two years for special assessments at her Point Brittany building, money meant to cover unexpected or major repairs that cannot be paid via the condo association’s reserve fund. Another resident said the financial strain has left them with little more than food and gas money.

At first, Point Brittany residents accepted the increased fees, believing they would fund critical repairs to the buildings, which date back to the 1970s. But some condo owners told WFLA that structural issues and other concerns — like a crumbling ceiling in an activity room — are not being addressed.

Now a small but increasingly vocal group believes the money is being mismanaged by their condo association.

They’ve complained to the Florida Department of Business and Professional Regulation (DBPR), which is responsible for licensing and regulating businesses and ensuring real estate agents and businesses follow regulations.

According to WFLA, the department sent a letter to residents confirming that it would launch an investigation based on the complaints, with the following wording:

“Based upon an evaluation of the alleged statutory violation and the submitted documentation, the Division has determined that it will proceed by conducting an investigation specifically regarding potential violations.”

Read more: 82% of Americans are missing out on a savings account that

This is the hidden content, please

• Sign In
• or
• Sign Up

While condo residents struggle with rising costs and slow repairs, a broader trend may be at play. Homeowners Association (HOA) fees are rising nationwide, particularly on condos.

Realtor.com

This is the hidden content, please

• Sign In
• or
• Sign Up

that HOA dues are more common for condos, with HOA fees levied on 83.8% of condos for ***** in 2024 compared to 33.6% of single-family homes. HOA fees on condos are also higher, averaging $375 per month compared to just $58 per month on a single family home.

Story Continues

Realtor.com notes that areas like St. Petersburg with a high concentration of beachfront condos are also likelier to be hit with HOA fees.

The very thing that makes beachfront properties desirable makes them vulnerable to natural disasters, which are also driving HOA fees, special assessments and

This is the hidden content, please

• Sign In
• or
• Sign Up

higher.

Florida home insurance premiums soared 60% between 2019 and 2023 in the wake of

This is the hidden content, please

• Sign In
• or
• Sign Up

and widespread flooding, according to Reuters.

Then there are tragedies due to structural issues in older condo developments, like the 2021

This is the hidden content, please

• Sign In
• or
• Sign Up

of Champlain Towers in Surfside, Florida, which killed 98 people.

Investigation revealed that the building needed extensive repairs but the condo association lacked funds to complete them. In response, Florida has passed a law that condo associations must have enough set aside in reserve funds to cover major repairs as building components reach the end of their lifespan.

For example, if a roof will last 20 years but cost $20,000 to replace, the HOA must set aside $1,000 a year over 20 years to pay for it, money raised through special assessments. Add in the cost to replace aging HVAC systems, electrical components, plumbing, and other infrastructure, and the financial burden on condo owners increases significantly.

The repairs are not something condo associations can ignore. The Surfside tragedy led Florida lawmakers to

This is the hidden content, please

• Sign In
• or
• Sign Up

regular structural inspections for buildings over 30 years old and three stories tall or more. Condo associations must pay for any issues identified in these inspections.

As state regulations tighten, condo associations must balance safety compliance with financial feasibility — and communicate why fees are increasing with residents.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

This is the hidden content, please

• Sign In
• or
• Sign Up

#Florida #condo #owners #hammered #soaring #insurance #dues #special #assessments #stand

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up